House price prediction based on machine learning

Research Article
Open access

House price prediction based on machine learning

Hanwen Li 1
  • 1 Crossroads Christian High School, CA, 92881, United States    
  • *corresponding author
ACE Vol.4
ISSN (Print): 2755-273X
ISSN (Online): 2755-2721
ISBN (Print): 978-1-915371-55-3
ISBN (Online): 978-1-915371-56-0

Abstract

Machine learning is commonly used in the real estate market. It is vital to apply the idea of machine learning in this field to predict house prices based on various features. The paper will focus on how to use the most appropriate machine learning models for house price prediction. It will use LightGBM(Light Gradient Boosting Machine), Gradient Boosting, and XGBoost(Extreme Gradient Boosting) to train models to predict house prices using the existing data from the Kaggle website. After three models make predictions, they will get an RMSE (root mean square error), which is 0.02975, 0.02537, and 0.01364. Based on the result, the XGBoost model is the best one among these three models used for house price prediction.

Keywords:

House Price Prediction, Machine Learning, Gradient Boosting Regression, LightGBM Regression.

Li,H. (2023). House price prediction based on machine learning. Applied and Computational Engineering,4,623-628.
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References

[1]. Truong, Q., Nguyen, M., Dang, H., & Mei, B. (2020). Housing price prediction via improved machine learning techniques. Procedia Computer Science, 174, 433-442.

[2]. Zulkifley N, Rahman S, Hasbiah U. House Price Prediction using a Machine Learning Model: A Survey of Literature. December 2020 International Journal of Modern Education and Computer Science 12(6):46-54.

[3]. Hjoirt A, Pensar J, Scheel I, Sommervoll D (2022). House Price Prediction with Gradient Boosted Trees Under Functions. JOURNAL OF PROPERTY RESEARCH2022, AHEAD OF PRINT, 1-27.

[4]. Kuvalekar, A., Manchewar, S., Mahadik, S., & Jawale, S. (2020, April). House Price Forecasting Using Machine Learning. In Proceedings of the 3rd International Conference on Advances in Science & Technology(ICAST).

[5]. Kaggle. House Prices–Advanced Regression Techniques. Data. https://www.kaggle.com/competitions/house-prices-advanced-regression-techniques/data (accessed August 9, 2022)

[6]. Berrar, D. (2018, January). Cross-Validation. Reference Module in Life Sciences. doi:10.1016/B978-0-12-809633-8.20349-X

[7]. Scikit-Learn. Cross-validation: evaluating estimator performance. https://scikit-learn.org/stable/modules/cross_validation.html (accessed August 9, 2022)

[8]. Ke, G., Meng, Q., Finley, T., Wang, T., Chen, W., Ma, W., ... & Liu, T. Y. (2017). Lightgbm: A highly efficient gradient boosting decision tree. Advances in neural information processing systems, 30.

[9]. Microsoft. https://github.com/microsoft/LightGBM (accessed August 9, 2022).

[10]. Friedman, J. H. (2002). Stochastic gradient boosting. Computational statistics & data analysis, 38(4), 367-378.

[11]. Scikit-Learn. Gradient Boosting Regressor. https://scikit-learn.org/ sta- ble/modules/generated/sklearn.ensemble. GradientBoostingRegressor.html (accessed August 9, 2022).

[12]. Chen T, Guestrin C. XGBoost: A Scalable Tree Boosting System. Proceedings of the 22nd ACM SIGKDD International Conference on Knowledge Discovery and Data Mining - KDD 16 2016. doi:10.1145/2939672.2939785.

[13]. DMLC. xgboost. GitHub. https://github.com/dmlc/xgboost (accessed Au- gust 9, 2022).


Cite this article

Li,H. (2023). House price prediction based on machine learning. Applied and Computational Engineering,4,623-628.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of the 3rd International Conference on Signal Processing and Machine Learning

ISBN:978-1-915371-55-3(Print) / 978-1-915371-56-0(Online)
Editor:Omer Burak Istanbullu
Conference website: http://www.confspml.org
Conference date: 25 February 2023
Series: Applied and Computational Engineering
Volume number: Vol.4
ISSN:2755-2721(Print) / 2755-273X(Online)

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References

[1]. Truong, Q., Nguyen, M., Dang, H., & Mei, B. (2020). Housing price prediction via improved machine learning techniques. Procedia Computer Science, 174, 433-442.

[2]. Zulkifley N, Rahman S, Hasbiah U. House Price Prediction using a Machine Learning Model: A Survey of Literature. December 2020 International Journal of Modern Education and Computer Science 12(6):46-54.

[3]. Hjoirt A, Pensar J, Scheel I, Sommervoll D (2022). House Price Prediction with Gradient Boosted Trees Under Functions. JOURNAL OF PROPERTY RESEARCH2022, AHEAD OF PRINT, 1-27.

[4]. Kuvalekar, A., Manchewar, S., Mahadik, S., & Jawale, S. (2020, April). House Price Forecasting Using Machine Learning. In Proceedings of the 3rd International Conference on Advances in Science & Technology(ICAST).

[5]. Kaggle. House Prices–Advanced Regression Techniques. Data. https://www.kaggle.com/competitions/house-prices-advanced-regression-techniques/data (accessed August 9, 2022)

[6]. Berrar, D. (2018, January). Cross-Validation. Reference Module in Life Sciences. doi:10.1016/B978-0-12-809633-8.20349-X

[7]. Scikit-Learn. Cross-validation: evaluating estimator performance. https://scikit-learn.org/stable/modules/cross_validation.html (accessed August 9, 2022)

[8]. Ke, G., Meng, Q., Finley, T., Wang, T., Chen, W., Ma, W., ... & Liu, T. Y. (2017). Lightgbm: A highly efficient gradient boosting decision tree. Advances in neural information processing systems, 30.

[9]. Microsoft. https://github.com/microsoft/LightGBM (accessed August 9, 2022).

[10]. Friedman, J. H. (2002). Stochastic gradient boosting. Computational statistics & data analysis, 38(4), 367-378.

[11]. Scikit-Learn. Gradient Boosting Regressor. https://scikit-learn.org/ sta- ble/modules/generated/sklearn.ensemble. GradientBoostingRegressor.html (accessed August 9, 2022).

[12]. Chen T, Guestrin C. XGBoost: A Scalable Tree Boosting System. Proceedings of the 22nd ACM SIGKDD International Conference on Knowledge Discovery and Data Mining - KDD 16 2016. doi:10.1145/2939672.2939785.

[13]. DMLC. xgboost. GitHub. https://github.com/dmlc/xgboost (accessed Au- gust 9, 2022).