Zillow estimated it being worth ~$400k based on nearby similar houses, the jump in value that they graphed happened only once it got listed for $500k, it may or may not reflect the “true value”
$500k for all that seems too good to be true. Either the local market is bad or that house has some issues that the price doesn’t account for.
This is certainly correct, there could be features added like a pool or home gym or backyard redo that weren't shown in any of the prior listings or information that caused the comps to be re-evaluated and compared to different or other houses. In that case the graph should technically be changed to add the comp comparisons to the time of whatever change was made. But things don't just change like that over a couple of months based on normal market value. There is some outside force.
For example the price of houses in Burlingame CA are crazy high in part due to Google coming in years ago. Google announcing a campus nearby could be something causing that dramatic a change, but spikes like that in graphs no matter what house prices, odds of showing up at the night show of a bodybuilding contest, whatever, need to be looked into.
