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An Adaptive Neuro-Fuzzy Inference System Based Approach to Real Estate Property Assessment

Author

Listed:
  • Jian Guan

    (University of Louisville)

  • Jozef Zurada

    (University of Louisville)

  • Alan S. Levitan

    (University of Louisville)

Abstract

This paper describes a first effort to design and implement an adaptive neuro-fuzzy inference system based approach to estimate prices for residential properties. The data set consists of historic sales of homes in a market in Midwest USA and it contains parameters describing typical residential property features and the actual sale price. The study explores the use of fuzzy inference systems to assess real estate property values and the use of neural networks in creating and fine tuning the fuzzy rules used in the fuzzy inference system. The results are compared with those obtained using a traditional multiple regression model. The paper also describes possible future research in this area.

Suggested Citation

  • Jian Guan & Jozef Zurada & Alan S. Levitan, 2008. "An Adaptive Neuro-Fuzzy Inference System Based Approach to Real Estate Property Assessment," Journal of Real Estate Research, American Real Estate Society, vol. 30(4), pages 395-422.
    • Handle: RePEc:jre:issued:v:30:n:4:2008:p:395-422
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    Citations

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    Cited by:

    1. Renigier-Biłozor, Malgorzata & Janowski, Artur & d’Amato, Maurizio, 2019. "Automated Valuation Model based on fuzzy and rough set theory for real estate market with insufficient source data," Land Use Policy, Elsevier, vol. 87(C).
    2. Steven Peterson & Albert B. Flanagan, 2009. "Neural Network Hedonic Pricing Models in Mass Real Estate Appraisal," Journal of Real Estate Research, American Real Estate Society, vol. 31(2), pages 147-164.
    3. Tien Foo Sing & Jesse Jingye Yang & Shi Ming Yu, 2022. "Boosted Tree Ensembles for Artificial Intelligence Based Automated Valuation Models (AI-AVM)," The Journal of Real Estate Finance and Economics, Springer, vol. 65(4), pages 649-674, November.
    4. Susanna Levantesi & Gabriella Piscopo, 2020. "The Importance of Economic Variables on London Real Estate Market: A Random Forest Approach," Risks, MDPI, vol. 8(4), pages 1-17, October.

    More about this item

    JEL classification:

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

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