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An Exploration of Neural Networks and Its Application to Real Estate Valuation

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Abstract

This research applies neural network (NN) technology to real estate appraisal and compares the performance of two NN models in estimating the sales price of residential properties with a traditional multiple regression model. The study is based on 288 sales of homes in Fort Collins, Colorado. Results do not support previous findings that NNs are a superior tool for appraisal analysis. Furthermore, significant problems were encountered with the NN models: inconsistent results between packages, inconsistent results between runs of the same package, and long run times. Any appraiser who plans on using this new technology would do so with caution.

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  • Elaine M. Worzala & Margarita Lenk & Ana Silva, 1995. "An Exploration of Neural Networks and Its Application to Real Estate Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 10(2), pages 185-202.
    • Handle: RePEc:jre:issued:v:10:n:2:1995:p:185-202
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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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