A residential property’s valuation, or Estimated Home Value, is generated by a specialized computer program called an AVM, or automated valuation model, that assembles public property records and proprietary data. AVM estimates are shown on Search Results and Property Details pages, and in Reports. In addition to the current estimate, the change in the past month and the past year are also shown. These estimates can be used as a baseline when comparing properties and areas, and can stimulate pricing discussions between agent and client. AVM estimates are currently available for single-family residences and condominiums.
RVMs® are based on AVMs but also factor in MLS listing data, sales data and off-market data to yield a more accurate home value estimation than an AVM estimation. RVMs® are displayed for a property on RPR only if criteria for an accurate result are fulfilled, such as having a minimum of two comps from active or inactive listings available to help calculate the estimate.
The data behind AVM and RVM® estimates comes to RPR from multiple sources, such as county public records and MLS listings. The data are compiled and posted on RPR once a month, usually updating for most of the country at the same time.