Using Zillow for local pricing of property

[Morticia]

Way off topic here but just had an interesting conversation about the Zillow website that tracks housing prices. My daughter checks this out every few months to see how her new house is 'holding up' in price compared with houses for sale and houses that sold. Recently, a house on her block shows that it sold for $10. Within the next month the value of every house on her block dropped at least $100k. The house across the street dropped 50%. These numbers do not hold up when viewing actual sold property accounts in the newspaper. So, it appears that one house with the wacky price is changing everyone's marketable price on this website.
In case you are looking at that site for ideas on housing prices, keep in mind something like an inter-family sale can throw off the whole neighborhood.

 

[user 26]

sounds like a real person needs to keep an eye on sales to adjust for that. it never occurred to me that a family transfer like that would cause an issue.

 

[Mary at Bridgewater Inn and Cottage]

I check this site also as the house next door to a rental I have is for sale . 211 West Bank Street, Bridgewater Va. 22812 is for sale and mine is 209 West Bank Street, 22812. Asking and getting is another story. ..Mary in Bridgewater.

 

[MTLLodge]

They have our house in the wrong school district! Not good.