Computer processes for clustering properties into neighborhoods and generating neighborhood-specific models

Abstract

A computer system and associated processes are disclosed for grouping similar real estate properties into contiguous neighborhoods, and for generating neighborhood-specific models capable of estimating property values within their respective neighborhoods. A clustering component uses various sources of property-level data to group properties based on measures of property similarity. For example, the clustering component may use features extracted from property images to identify properties with similar characteristics. As another example, the clustering component may measure property similarity based on how frequently specific properties are designated as comparable in appraisal reports. A model generator uses a machine learning process to determine, for specific neighborhoods, correlations between property attributes and values, and uses these correlations to generate the neighborhood specific models.