The Evolution of Hedonic Pricing Models

This study extends the work by Sirmans et al. (2005 Sirmans, G. S., Macpherson, D. A., & Zietz, E. N. (2005). The composition of hedonic pricing models. Journal of Real Estate Literature, 13(1), 3–43. https://doi.org/10.1080/10835547.2005.12090154[Taylor & Francis Online] , [Google Scholar]) by providing a review of the hedonic pricing model literature published in real estate journals from 2005 through 2021. A total of 252 studies are reviewed with 150 of these being published in the top three traditional real estate journals: Journal of Real Estate Finance and Economics, Journal of Real Estate Research, and Real Estate Economics. An additional 42 papers are published in the housing-specific journal, Journal of Housing Research. A review shows that real estate research is global in both authorship and data usage, although most of the studies use U.S. data and are performed by U.S. researchers. In addition, real estate modeling is quite expansive, including spatial or geospatial autoregressive models, difference-in-difference models, quantile regression, and other advanced techniques.