House Price Prediction

using machine learning

By -
Priyanshu Shawarn – 22BET10134
Nitin Kumar Rai – 22BET10127
Dhruv – 22BET10129
Abhishek Bhadauriya – 22BET10131
Aditya Soni – 22BET10130
Introduction to House Price
Prediction using machine
learning
The need to model house price forecast has arisen from the annual
increase in property prices.
This project offers an overview of the many regression techniques that
may be used to anticipate house costs with the help of Python tools.
The more accurate prediction was produced by the suggested method,
which took into account the more sophisticated factors employed in
the property price calculation. It also gives a quick overview of the
several numerical and graphical methods needed to forecast a home's
price. This project explains what the machine learning-enabled house
price model is, how it operates, and which datasets are included in our
suggested model.
Timeline of the Reported Problem
1 Discovery
The problem was first identified and reported to the relevant stakeholders.

2 Investigation
Detailed analysis and research were conducted to understand the root
cause.

3 Resolution
Efforts were made to address the issue and implement a sustainable
solution.
Existing Solutions
Zillow's Zestimate
1 Zestimate takes into
2 Redfin, another real
account various
features such as
location, size, and
historical sales data.
The model continually
learns and updates its
predictions as new data
becomes available.
Redfin's Home Value Tool Trulia's Trulia
Estimates
3
Trulia, a real estate
estate platform, utilizes
website, employs
machine learning
machine learning to
algorithms to estimate
generate property value
home values. Their tool
estimates. The Trulia
considers factors such
Estimates tool takes
as property details,
into account property
location, and market
details, local market
trends to provide users
trends, and other
with accurate and up-
relevant features to
to-date price estimates.
predict house prices.
Bibliometric Analysis
Define Research Keywords:
Identify keywords related to
your topic, such as "house price
prediction," "real estate
valuation," and "machine
learning." These keywords will
be used to search for relevant
literature.
Select Databases:
Utilize academic databases such
as PubMed, IEEE Xplore,
ScienceDirect, and Google
Scholar. These platforms provide
access to a vast collection of
academic papers, conference
proceedings, and journals.
Search and Retrieve Publications:
Conduct a systematic search
using your keywords. Retrieve
relevant publications, including
research articles, conference
papers, and reviews. Make sure
to note the publication year,
authors, and journal/conference
information.
Review Summary
Key Findings
Various studies emphasize
the importance of
selecting relevant features
for predicting house
prices. Features such as
location, square footage,
number of bedrooms and
bathrooms, and proximity
to amenities consistently
emerge as influential
factors.
Geospatial Analysis
Incorporating geospatial
data, including distance to
schools, public transport,
and other amenities,
enhances the predictive
power of models.
Geospatial analysis is
crucial for capturing
location-based variations
in house prices.
Temporal Dynamics:
Recognizing temporal
dynamics is essential for
accurate predictions.
Time-series models and
recurrent neural networks
(RNNs) are employed to
capture trends and cyclic
patterns in housing
markets over time.
Problems with Existing Solutions
Overfitting:
Overfitting occurs when a model performs well on the training data but
fails to generalize to new, unseen data. This can lead to inaccurate
predictions in real-world scenarios, especially if the model is too complex
or the training dataset is not representative of the entire population.
Data Quality Issues:
Many datasets used for training machine learning models in real estate
may suffer from data quality issues, such as missing values, outliers, or
inaccuracies. Poor data quality can impact the robustness and reliability of
the models.
Limited Generalization:

Models trained on specific geographic locations or time periods may

struggle to generalize to different regions or timeframes. Real estate
markets exhibit substantial variations, and models need to be adaptable to
diverse conditions.
 Goals And Objectives
Feature Importance Understanding:
Identify and understand
the importance of different
features in influencing
house prices. This
understanding can provide
valuable insights for real
estate professionals,
helping them focus on the
most influential factors in
property valuation.
Accurate Price Prediction: Improved Valuation Precision:
The main objective is to
build machine learning
models that can accurately
predict the prices of
houses. The model should
capture complex
relationships between
various features and the
target variable (house
prices).
Enhance the precision and
reliability of property
valuation compared to
traditional methods. Machine
learning models can
incorporate a wide range of
features, including non-
traditional ones like images
and text, leading to more
comprehensive and precise
valuations.
Thank You