Housing Price Prediction with Machine Learning

Abstract

For socioeconomic development and the well-being of citizens, developing a precise model for predicting housing prices is always required. So that, a real estate broker or a house seller/buyer can get an intuition in making well-knowledgeable decisions from the model. In this work, a various set of machine learning algorithms such as Linear Regression, Decision Tree, Random Forest are being implemented to predict the housing prices using available datasets. The housing datasets of 506 samples and 13 feature variables from January 2015 to November 2019 were taken from the StatLib library which is maintained at Carnegie Mellon University. Since housing price is emphatically connected to different factors like location, area, the number of rooms; it requires all of this information to predict individual housing prices. This paper will apply both traditional and advanced machine learning approaches to investigate the difference among several advanced models to explore various impacts of features on prediction methods. This paper will also provide an optimistic result for housing price prediction by comprehensively validating multiple techniques in model execution on regression.