The three main ways to find your home's value
Your home's value is what someone would pay for it today in your local market. You can find this number three ways: an online estimate (fast, free, least accurate), a comparative market analysis from a real estate agent (free, more accurate, takes a few days), or a professional appraisal (costs $300 to $500, most accurate, takes a week or two). Which one you need depends on why you're looking—refinancing a mortgage requires an appraisal, but selling or curiosity can start with the free options.
None of these methods gives you a perfect number. A home's value changes with the market, the season, recent sales nearby, and what a buyer is willing to pay on the day you sell. Think of these estimates as a range, not a fixed price.
Key Takeaways
- Online estimates from Zillow, Redfin, and similar sites are free and instant but can be off by 5 to 20 percent because they use public records and algorithms instead of a real person looking at your home.
- A comparative market analysis from a real estate agent shows what similar homes sold for recently in your neighborhood and is free because agents hope you'll list with them.
- A professional appraisal ordered by a lender is the most accurate for mortgage purposes but costs money and takes time.
- Your home's assessed value for property taxes is usually lower than market value and is set by your county assessor, not a reflection of what you could sell it for.
Online estimates: fast but rough
Websites like Zillow, Redfin, Realtor.com, and Trulia pull data from public records—your home's size, age, lot, and recent sales of similar homes nearby—and run it through an algorithm to estimate value. You enter your address, and within seconds you get a number. These estimates are free and require no phone calls.
The catch is accuracy. These tools work from incomplete information. They don't know if you renovated your kitchen last year, if your roof is failing, or if your neighbor's home sold because it was a foreclosure (which skews the price down). Studies show these estimates can be off by 5 to 20 percent depending on how much recent sales data exists in your area. A rural home with few recent sales nearby will have a wider margin of error than a suburban home in an active market.
Use online estimates as a starting point—a rough sense of the ballpark. If you're thinking about selling or refinancing, don't stop here.
Comparative market analysis from a real estate agent
A real estate agent can pull together a comparative market analysis (CMA), which shows what homes similar to yours actually sold for in the last 90 days in your area. An agent looks at homes of similar size, condition, and location, accounts for differences (your home has a garage, that one doesn't), and arrives at a range. This is more accurate than an algorithm because a person is doing the thinking.
The cost to you is zero. Agents do this work for free because they hope you'll hire them to sell your home. You can call three or four agents and ask for a CMA—they'll usually email it within a day or two. You don't have to list with any of them. This is a standard part of how agents drum up business, and they expect some people to say no.
The downside is that an agent's estimate can be biased. An agent who wants your listing might value your home high to win your business, knowing the actual market will correct the price later. Read the CMA carefully—look at which homes they compared yours to and whether those comparisons make sense to you.
Professional appraisals: the most accurate, but not free
A professional appraisal is an official assessment done by a licensed appraiser who visits your home, measures it, photographs it, checks its condition, and researches recent sales. Appraisers are regulated by state law and follow a standard process. This is the most accurate method because it's based on a real inspection, not just public records.
Appraisals cost between $300 and $500 depending on your home's size and location. If you're refinancing a mortgage, your lender will order and pay for the appraisal—you don't choose the appraiser, and you don't pay upfront, though the cost is rolled into your loan. If you want an appraisal for your own information (to settle a dispute with your spouse, for insurance purposes, or before selling), you hire and pay an appraiser yourself. The process takes one to two weeks from order to report.
One important note: an appraisal done for a mortgage refinance is tied to that specific loan and lender. You can't use it to sell your home or for another lender's refinance. If you need a new appraisal, you order a new one.
Your assessed value is not your market value
Your county assessor sets an assessed value for property tax purposes. This is not the same as what your home is worth on the market. Assessed values are usually lower than market values and are updated on a schedule set by your state—some counties reassess every year, others every three or five years. A few states (like California) reassess only when the home sells.
You can find your assessed value on your property tax bill or your county assessor's website. It's useful to know for budgeting property taxes, but it shouldn't be your main number when thinking about what your home is worth. If you disagree with your assessed value, you can file a formal challenge with your assessor's office, but that's a separate process from finding your market value.
What affects your home's value
Market value moves with the local real estate market, the season, and the condition of your home. A home worth $300,000 in a rising market might be worth $320,000 a year later, or $280,000 if the market cools. Spring and early summer are typically stronger selling seasons than fall and winter, which can affect what a buyer will offer.
Your home's condition matters enormously. A recent roof, updated electrical, and a functioning HVAC system add value. Deferred maintenance, outdated systems, or structural problems reduce it. An online estimate can't see these things. An agent's CMA might account for them if they know the neighborhood well. An appraiser will document them in detail.
Location within your neighborhood also matters—a home on a quiet street with a good school district will appraise higher than an identical home on a busy road or in a weaker school zone.
When you need each type of valuation
| Reason You Need the Value | Best Method | Why |
|---|---|---|
| Curious about your home's worth | Online estimate | Free, instant, good enough for general knowledge |
| Thinking about selling | Comparative market analysis from agent | Shows actual recent sales, more accurate than algorithm |
| Refinancing a mortgage | Professional appraisal (ordered by lender) | Required by lenders, most accurate, lender pays |
| Settling a dispute or insurance claim | Professional appraisal (you order) | Official, defensible, legally recognized |
| Budgeting property taxes | Assessed value from county assessor | Directly tied to your tax bill |
Frequently Asked Questions
How often does my home's value change?
Market values shift constantly as homes sell and the local market moves. Your assessed value for taxes changes on a schedule set by your county—anywhere from yearly to every five years. For practical purposes, check your home's value once a year if you're curious, or before a major financial decision like refinancing or selling.
Can I use an online estimate to refinance my mortgage?
No. Lenders require a professional appraisal ordered through their process. An online estimate is not acceptable because lenders need an official, licensed appraiser's inspection and report. Your lender will order the appraisal for you if you're refinancing.
What if the online estimate seems way too high or too low?
Online estimates can be off, especially in rural areas or neighborhoods with few recent sales. Check a few different sites (Zillow, Redfin, Realtor.com) to see if they agree. If they're all very different from what you expect, call a real estate agent and ask for a comparative market analysis—that's a better reality check than any algorithm.
Do I need an appraisal to sell my home?
No. You set your asking price based on what you think your home is worth and what the market will bear. A real estate agent will advise you on pricing using a comparative market analysis. Buyers may order their own appraisal if they're getting a mortgage, but that's their lender's requirement, not yours.
Can I dispute my assessed value?
Yes. If you believe your county assessor's value is wrong, you can file a formal challenge with your assessor's office. The process and deadline vary by state and county. Contact your local assessor's office to learn the rules in your area. Winning a challenge can lower your property taxes, but it doesn't change what your home would sell for.