Are Zillow Zestimates accurate?

They are completely inaccurate, I think their model works better in a suburban environment.

Wildly inaccurate in Bayside, too.

The model works great throughout much of the nation, but it is almost always grossly inaccurate within Manhattan.I feel Zillow has overvalued my apartment by anywhere between 20-40% since the site went live.

A better model is to look for comparables within the same building, or if unavailable- comparables within the neighborhood.

agreed, useful suburban, very hard in manhattan, where adjacent properties can have very different rates.

even in the suburbs Zillow's zestimates are bad.

My sense is that Zestimates are valid only in established tract housing in which there are a very finite number of models, so a 3/2 is the same as, and the same age as, any nearby 3/2 in the same subdivision, and any improvements are of negligible difference in the value, and/or everyone else has made the same improvement because it so totally affected valuations (e.g., added a garage where once only a breezeway existed).

Or maybe not even that.

Alpie, how far off are they in New Jersey, where you live?

terrible site

Totally off in my Westchester neighborhood

It's right if the value is higher than your estimate...
It's wrong if the value is lower than your estimate...

It's all in your head.

zestimates are zilly

Zillow estimates are considered unreliable by the investors I know.

However, I happen to like the site for other things, such as the local income profile.

If cyberhomes.com covers your area, try that.

{Manhttan real estate agent.}