How "value" is worked out

Each home is compared to nearby homes of a similar size — the nearest comparable listings within its size band, found by expanding a radius around it until there are enough to form a stable median. Its value figure is how far its own $/sq ft sits below or above that median.

The size band matters more than people expect. Price per square foot falls as houses get bigger: land, kitchen, roof and mechanical systems are near-fixed costs spread across more area. A 6,000 sq ft house at $200/sq ft is ordinary. A 1,800 sq ft house at $200/sq ft in the same street is a genuine outlier. Comparing them directly would rank the large house as a bargain when it is merely large.

What the number can't see

Land is the big one. Where lots vary in size or position, a meaningful share of the price is the ground, not the structure — so a tired house on a large lot will read as badly overpriced when it is fairly priced as land. Condition and finish level are invisible too: a gut renovation and an untouched 1990s interior of identical size can differ 30% and neither is mispriced. And reported square footage is itself inconsistent about finished basements and additions.

Asking, not sold

These benchmarks are built from what homes are currently asking. If an area is collectively overpriced, the benchmark is too. Treat the figures as the going rate being requested, not proof of what a house is worth.

Disclaimer

Reports are provided solely for general business information purposes. No advisory, fiduciary or other relationship is created by any acceptance or use of Reports. The information and conclusions contained in Reports are not definitive forecasts, appraisals or opinions of valuations, are not guaranteed, and should not be construed as a certified appraisal or valuation, or investment advice. Attributes for properties may be inaccurate because county assessor and property data records do not always include recent additions and/or modifications to property structures.