Home Value Estimator — Find Out What Your Property Is Worth

Fair market value (FMV) is the price a property would sell for on the open market, assuming both buyer and seller act knowledgeably, willingly, and without undue pressure. In the US, appraisers determine FMV using three approaches: the sales comparison approach (comparable sales), the cost approach (replacement cost minus depreciation), and the income approach (for investment properties). For residential real estate, the comparable sales approach is used most often and is what this calculator implements.

The comparable sales approach (also called a CMA — Comparative Market Analysis) estimates value by analyzing recent sales of similar properties in the same area. Adjustments are made for differences in size, age, condition, lot size, and features. Licensed appraisers typically select 3–6 comparable sales from the past 6 months within a 1-mile radius. This is the most reliable method for neighborhoods with active sales volume, which is why it is the standard for purchase appraisals and mortgage lending.

The cost approach estimates value as: land value + construction cost of a new equivalent building − accumulated depreciation. It is most useful for new construction, unique or special-purpose properties, and areas with few comparable sales. For standard residential homes in active markets, the cost approach is secondary to the sales comparison method. Insurance companies often use a version of the cost approach to determine replacement value for homeowners coverage.

The biggest price drivers in US real estate are: (1) Location — neighborhood, school district, and proximity to employment centers can change value by 2–5× within the same metro. (2) Size and lot — price per square foot decreases for very large homes but total value rises. (3) Age and condition — new construction commands a 15–30% premium over older homes in the same area. (4) Renovation quality — updated kitchens and bathrooms add measurable value, while deferred maintenance reduces it. (5) Market conditions — interest rates, inventory levels, and local job growth shift prices across the board.

A licensed appraisal is required for most mortgage originations (lender requirement), home equity loans, estate settlements and probate, divorce property division, property tax appeals, and bankruptcy filings. A full appraisal costs $350–$600 for a single-family home and $400–$800 for multi-family or complex properties. Desktop and hybrid appraisals, which cost less, have become more common after regulatory changes in 2023–2024. For refinancing, some lenders accept automated valuation models (AVMs) like Zillow Zestimate or CoreLogic for loans under certain thresholds.

In appraisal terms, depreciation is loss in value relative to a new equivalent. Three types exist: physical deterioration (wear and tear on structure, roof, systems), functional obsolescence (outdated layout, small closets, no garage), and external obsolescence (proximity to noise, declining neighborhood). A well-maintained 30-year-old home may have only 10–15% physical depreciation, while a neglected one of the same age could have 30–40%. Major systems (roof, HVAC, plumbing) are the biggest depreciation factors buyers and appraisers evaluate.

Online estimators provide a rough market value with a margin of error of ±10–20%. This is adequate for preliminary analysis before listing or buying, checking whether an asking price is reasonable, and understanding portfolio value. For mortgage lending, estate settlements, or legal proceedings, a licensed appraisal is required. The main source of error is that calculators cannot account for unique property features like views, lot shape, interior finishes, or hyper-local micro-trends.

As of early 2026 (approximate medians): Manhattan $1,200–$1,500/sq ft, Los Angeles $580–$620, Miami $430–$450, Seattle $470–$480, Chicago $250–$260, Dallas $220–$240, Phoenix $260–$270, Atlanta $230–$240, Denver $330–$340, Austin $330–$340. Prices vary significantly by neighborhood — the metro average can differ from premium areas by 2–3× or more.

For condos, ground-floor units typically sell for 5–10% less than comparable mid-floor units due to street noise, reduced privacy, and potential flooding risk. Conversely, top-floor units in modern buildings with views can command a 5–15% premium. For single-family homes, the floor concept does not apply the same way, but basements and split-level layouts may reduce appeal for some buyers.

According to Remodeling Magazine's Cost vs. Value Report, the best ROI projects include: garage door replacement (100%+ ROI), minor kitchen remodel (75–85%), manufactured stone veneer (85–90%), and entry door replacement (75–90%). Full gut renovations typically recover 50–70% of cost. A well-maintained home with modern finishes sells for 15–25% more than a comparable home in original condition, though over-improving for the neighborhood can result in diminishing returns.

Assessed value is determined by the local tax assessor for property tax purposes and is often 70–100% of market value depending on jurisdiction. Market value is what a buyer would actually pay. Assessed values are updated on varying schedules (annually, biennially, or only upon sale in some states). If your assessed value seems too high, you can file a property tax appeal with your county assessor — success rates are 30–50% when supported by comparable sales data.

Yes — research consistently shows homes in top-rated school districts sell for 10–20% more than comparable homes in lower-rated districts. In some metros, the premium can exceed 30%. This applies even to buyers without children, as strong schools signal neighborhood stability, lower crime, and better resale value. School ratings from GreatSchools.org and Niche.com are commonly referenced.