Paper Title
Evaluation of Transaction Prices of Single-Family Houses: Sub-Marktes Modelling

Abstract
The paper addresses the issue of impact of localization on transaction prices of single-family houses. Location is examined here in three ways: as distance from the city centre, as distance from the source of traffic noise, and finally as subjective location as assessed by experts.In addition, the impact of location will be identified through the construction of separate models for the whole market and separately for each sub-market of the urban space analysed. Besides this main factor, the models considered will take into account other attributes of the property such as the state of development,technical and utility condition, contractual building area and the plot acreage.The research sample will include 1074 properties subject to transactions concluded in Warsaw and its close neighbourhood in the 2013-2020. The analysis will be carried out using analysis ofvariance and general linear models.Chosen methods of cluster analysis will be applied to detect outliers. The research hypothesis verified is that a favourable location positively influences the level of transaction prices, but this effect varies depending on the nature of the sub-market in question. The authors expect also higher quality of valuation models in case of more homogenous areas, which can be particularly useful in market analyses carried out for the purpose of estimating property values using econometric models for massive property valuation (so-called AVMs). Keywords - Real Estate, Transaction Prices, Single-Family Houses, Econometric Models, Sub-Markets