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Effectiveness comparison of the residential property mass appraisal methodologies in the USA

Author

Listed:
  • Chung Chun Lin
  • Satish B. Mohan

Abstract

Purpose - Quite a few statistical and artificial neural network (ANN) models have been developed for the mass appraisal of the real estate by the municipalities. The purpose of this paper is to report the results of a research conducted to compare the prediction accuracy of the three most used models: multiple regression model, additive nonparametric regression, and ANN. Design/methodology/approach - The three models were developed using the housing database of a town with 33,342 residential houses. In this database, the cutoff point for higher priced homes was $88 per square foot of living area. Findings - The research confirmed that using statistical and ANN models are reliable and cost‐effective methods for mass appraisal of residential housing. Originality/value - It was found that any of the three models can be used, with similar accuracy, for lower and medium‐priced houses, but the ANN is considerably more accurate for higher priced houses.

Suggested Citation

  • Chung Chun Lin & Satish B. Mohan, 2011. "Effectiveness comparison of the residential property mass appraisal methodologies in the USA," International Journal of Housing Markets and Analysis, Emerald Group Publishing Limited, vol. 4(3), pages 224-243, August.
    • Handle: RePEc:eme:ijhmap:v:4:y:2011:i:3:p:224-243
    DOI: 10.1108/17538271111153013
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    Citations

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    Cited by:

    1. Brano Glumac & Francois Des Rosiers, 2018. "Real estate and land property automated valuations systems: a taxonomy and conceptual model," ERES eres2018_148, European Real Estate Society (ERES).
    2. Michalis Doumpos & Dimitrios Papastamos & Dimitrios Andritsos & Constantin Zopounidis, 2021. "Developing automated valuation models for estimating property values: a comparison of global and locally weighted approaches," Annals of Operations Research, Springer, vol. 306(1), pages 415-433, November.
    3. Daikun Wang & Victor Jing Li, 2019. "Mass Appraisal Models of Real Estate in the 21st Century: A Systematic Literature Review," Sustainability, MDPI, vol. 11(24), pages 1-14, December.
    4. Daikun Wang & Victor Jing Li & Huayi Yu, 2020. "Mass Appraisal Modeling of Real Estate in Urban Centers by Geographically and Temporally Weighted Regression: A Case Study of Beijing’s Core Area," Land, MDPI, vol. 9(5), pages 1-18, May.

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