Mass Appraisal Models of Real Estate in the 21st Century: A Systematic Literature Review

Daikun Wang · Victor Jing Li

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Housing Market and Economics Urban Planning and Valuation 3D Modeling in Geospatial Applications

Abstract

With the increasing volume and active transaction of real estate properties, mass appraisal has been widely adopted in many countries for different purposes, including assessment of property tax. In this paper, 104 papers are selected for the systematic literature review of mass appraisal models and methods from 2000 to 2018. The review focuses on the application trend and classification of mass appraisal and highlights a 3I-trend, namely AI-Based model, GIS-Based model and MIX-Based model. The characteristics of different mass appraisal models are analyzed and compared. Finally, the future trend of mass appraisal based on model perspective is defined as “mass appraisal 2.0”: mass appraisal is the appraisal procedure of model establishment, analysis and test of group of properties as of a given date, combined with artificial intelligence, geo-information systems, and mixed methods, to better model the real estate value of non-spatial and spatial data.

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References

2002Under the hood Issues in the specification and interpretation of spatial regression models 2008Determinants of house prices in Turkey: Hedonic regression versus artificial neural network 2011Mass appraisal of residential apartments: An application of Random forest for valuation and a CART-based approach for model diagnostics 2007Spatial Dependence, Housing Submarkets, and House Price Prediction 2009Neural Network Hedonic Pricing Models in Mass Real Estate Appraisal 2009The mass appraisal of the real estate by computational intelligence 2011A Comparison of Regression and Artificial Intelligence Methods in a Mass Appraisal Context 2013Prediction accuracy in mass appraisal: a comparison of modern approaches

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