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Housing Price Prediction - Machine Learning and Geostatistical Methods

Author

Listed:
  • Cellmer Radosław

    (Department of Real Estate and Urban Studies, University of Warmia and Mazury in Olsztyn, Prawochenskiego 15, 10-724 Olsztyn, Poland)

  • Kobylińska Katarzyna

    (Department of Real Estate and Urban Studies, University of Warmia and Mazury in Olsztyn, Prawochenskiego 15, 10-724 Olsztyn, Poland)

Abstract

Machine learning algorithms are increasingly often used to predict real estate prices because they generate more accurate results than conventional statistical or geostatistical methods. This study proposes a methodology for incorporating information about the spatial distribution of residuals, estimated by kriging, into selected machine learning algorithms. The analysis was based on apartment prices quoted in the Polish capital of Warsaw. The study demonstrated that machine learning combined with geostatistical methods significantly improves the accuracy of housing price predictions. Local factors that influence housing prices can be directly incorporated into the model with the use of dedicated maps.

Suggested Citation

  • Cellmer Radosław & Kobylińska Katarzyna, 2025. "Housing Price Prediction - Machine Learning and Geostatistical Methods," Real Estate Management and Valuation, Sciendo, vol. 33(1), pages 1-10.
    • Handle: RePEc:vrs:remava:v:33:y:2025:i:1:p:1-10:n:1001
    DOI: 10.2478/remav-2025-0001
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    More about this item

    Keywords

    machine learning; housing prices; geostatistics;
    All these keywords.

    JEL classification:

    • C45 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Neural Networks and Related Topics
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • R20 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - General
    • R32 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other Spatial Production and Pricing Analysis

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