The fastest way to check your home's current value

You can get a rough estimate of your house's value in minutes using free online tools, but the number will be less accurate than what a real estate agent or appraiser would tell you. Zillow, Redfin, and Realtor.com all publish estimated values (called "Zestimates," "Redfin Estimates," and "Zestimates" respectively) based on public records, recent sales nearby, and property characteristics. These estimates typically fall within 5 to 20 percent of actual market value, depending on how recently homes sold in your area and how much information is publicly available about your property.

The estimate updates when comparable homes sell nearby or when you update your property details on the site. If your neighborhood has had few recent sales, the estimate will be less reliable. If you need a number for a specific purpose — refinancing, a home equity loan, insurance, or taxes — you will need something more precise than an online estimate.

Key Takeaways

  • Free online estimates from Zillow, Redfin, or Realtor.com give you a starting point but are typically off by 5 to 20 percent.
  • A real estate agent's comparative market analysis (CMA) is free and more accurate than an online estimate because it accounts for your home's specific condition and recent local sales.
  • A professional appraisal costs $300 to $500 and is the most accurate option, required for mortgages and often needed for refinancing or home equity loans.
  • Your county assessor's value is for tax purposes only and often differs significantly from market value.
  • The sale price of your home is the only number that matters legally; estimates are useful only for planning and comparison.

When a real estate agent's estimate is more useful than an online tool

A comparative market analysis (CMA) from a local real estate agent is free and usually more accurate than an online estimate because the agent physically knows the neighborhood, has access to recent sales data that may not be public yet, and can account for your home's condition, upgrades, and quirks. An agent will pull sales of similar homes (called "comps") that closed in the last 90 days, adjust for differences in size and condition, and give you a range rather than a single number.

To get a CMA, contact 2 to 3 agents in your area and ask for a market analysis. They do this for free because they hope you will list with them if you sell. The agent will ask to walk through your home, so be prepared for a brief visit. If you are not planning to sell soon, you can still request a CMA — agents understand that homeowners want to know their home's value for refinancing, insurance, or estate planning.

When you need a professional appraisal instead

A professional appraisal is required by lenders before they will approve a mortgage or refinance, and it is the most accurate way to establish your home's value for legal or financial purposes. An appraiser is a licensed professional who inspects your home inside and out, measures square footage, checks the roof and foundation, reviews recent sales of comparable homes, and produces a written report. The appraisal typically costs $300 to $500, depending on your home's size and location.

You do not order an appraisal yourself when you are refinancing or taking out a mortgage — the lender orders it and you pay the fee as part of closing costs. If you want an appraisal for your own information (to challenge a property tax assessment, for example, or to document value for insurance), you can hire an appraiser directly through your state's appraisal board or by asking your bank for a referral.

What your county assessor's value means and why it is different

Your county assessor publishes a assessed value that is used to calculate your property taxes. This number is often much lower than your home's market value because assessors in many states are required by law to value homes at a percentage of market value — sometimes 50 percent, sometimes 100 percent, depending on state law. You can find your assessed value on your property tax bill or by searching your county assessor's website by address.

The assessed value is not what your home would sell for. It is a tax figure. If you believe your assessed value is too high (which would raise your taxes), you can file a formal challenge called an assessment appeal or tax assessment protest, but you will need to show that comparable homes in your area are assessed lower or that your home's condition has declined. The process and deadline vary by state and county.

How recent sales in your neighborhood affect the estimate

The accuracy of any estimate — online, from an agent, or from an appraiser — depends heavily on how many similar homes have sold recently nearby. If three homes like yours sold in the last month within a quarter-mile, the estimate will be quite accurate. If the last comparable sale was two years ago, the estimate carries more uncertainty because the market may have shifted.

You can see recent sales yourself by searching your county's public records or by looking at the "sold" section on Zillow or Redfin. Filter by home size, age, and condition to find the most relevant comparisons. If your home is unusual (a historic property, a waterfront lot, or something with few local comparables), any estimate will be less reliable, and you should rely more on a real estate agent's judgment or a professional appraisal.

Why the price you paid is not the same as what it is worth now

Your home's current market value is what a buyer would pay for it today, not what you paid for it years ago. If you bought your home for $250,000 ten years ago and the neighborhood has appreciated, it may be worth $350,000 now. If the market has declined or your home needs repairs, it may be worth less. The only price that matters legally is the price at which you actually sell — estimates are useful for planning (refinancing, taking out a home equity loan, understanding your net worth) but do not determine what you will receive.

If you are considering selling, do not rely on an estimate from years ago. Market conditions change, and your home's condition changes. Get a fresh CMA from an agent or a professional appraisal if you need an accurate number for a financial decision.

How to use your home's value for refinancing or a home equity loan

If you are thinking about refinancing your mortgage or taking out a home equity loan or home equity line of credit (HELOC), lenders will order their own appraisal, so you do not need to pay for one upfront. However, knowing your home's approximate value beforehand helps you understand how much you can borrow. Most lenders will lend up to 80 percent of your home's value minus what you still owe on your mortgage.

For example, if your home is worth $300,000 and you owe $150,000 on your mortgage, you have $300,000 − $150,000 = $150,000 in equity. A lender might offer you a home equity loan for up to 80 percent of $300,000 ($240,000) minus your mortgage balance ($150,000), which equals $90,000 available to borrow. Use a free online estimate to get a ballpark figure, then contact lenders to discuss what they would actually lend based on their appraisal.

Frequently Asked Questions

Is the Zillow estimate accurate?

Zillow's estimate is usually within 5 to 20 percent of actual value, but it can be off by much more in neighborhoods with few recent sales or in homes with unusual features. Use it as a starting point, not as a definitive number. A real estate agent's analysis or a professional appraisal will be more accurate for important financial decisions.

Do I need an appraisal if I am just curious about my home's value?

No. A free online estimate or a CMA from a real estate agent will give you a good sense of value without the $300 to $500 cost. You only need a professional appraisal if a lender requires it or if you need an official valuation for legal or tax purposes.

Can I challenge my property tax assessment if I think my home is worth less?

Yes. You can file an assessment appeal with your county assessor, usually within a set window each year. You will need to show that comparable homes are assessed lower or that your home's condition has declined. Check your county assessor's website for the deadline and process in your area.

What if my home is very old or unusual — will the estimate be accurate?

Estimates are less reliable for historic homes, unusual properties, or homes in areas with few recent sales. In these cases, a real estate agent's analysis or a professional appraisal is worth the time or cost because online tools may not account for the home's unique features or market demand.

How often should I check my home's value?

You do not need to check often unless you are planning a major financial decision. Market values shift gradually. If you are refinancing or considering selling, get a fresh estimate or CMA within the last month so the number reflects current conditions.