Proceedings of the 2022 2nd International Conference on Business Administration and Data Science (BADS 2022)

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Exploring Machine Learning's Application in Online Real Estate Marketplace

Authors
Zixuan Zhao1, *
1University of California, San Diego, USA
*Corresponding author. Email: ziz057@ucsd.edu
Corresponding Author
Zixuan Zhao
Available Online 29 December 2022.
DOI
10.2991/978-94-6463-102-9_144How to use a DOI?
Keywords
Machine-Learning-Driven Solution; Supervised Learning; Unsupervised Learning; Dimensionality Reduction; Real Estate Market
Abstract

Due to the COVID-19 pandemic and the aggressive fiscal policy by the government, the US real estate market witnessed one of the biggest price jumps in history. A significant increase in both direct and indirect economic activities happened as a result. Our interest is to explore the opportunity of applying machine learning models in the real estate industry. Several data-driven products are available in the US market, such as the Zestimate feature on Zillow.com. However, the core algorithm of these products is largely unknown to the user, and more innovative use cases could be created. We want to demystify the mechanisms behind these products and develop a proof-of-concept of machine-learning-driven model application in this area.

In this paper, we leveraged a public dataset, which compiled listing records from Zillow.com, the largest online real estate listing platform. We explored supervised (implemented with XGBoost) and unsupervised machine learning (implemented with sklearn) methods and achieved promising results in both cases. We also proposed the design of potential commercial use cases and recommendations for improvements.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2022 2nd International Conference on Business Administration and Data Science (BADS 2022)
Series
Atlantis Highlights in Computer Sciences
Publication Date
29 December 2022
ISBN
10.2991/978-94-6463-102-9_144
ISSN
2589-4900
DOI
10.2991/978-94-6463-102-9_144How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Zixuan Zhao
PY  - 2022
DA  - 2022/12/29
TI  - Exploring Machine Learning's Application in Online Real Estate Marketplace
BT  - Proceedings of the 2022 2nd International Conference on Business Administration and Data Science (BADS 2022)
PB  - Atlantis Press
SP  - 1383
EP  - 1382
SN  - 2589-4900
UR  - https://doi.org/10.2991/978-94-6463-102-9_144
DO  - 10.2991/978-94-6463-102-9_144
ID  - Zhao2022
ER  -