What is described as an estimation of how much a property will sell for in a typical transaction?

Market value refers to the estimated amount a property would sell for under normal conditions in a competitive and open market. This assessment takes into account various factors such as the location of the property, current market trends, the condition of the property, and comparable sales in the neighborhood. It represents a typical sale price that a buyer is willing to pay and a seller is willing to accept when neither party is under duress, providing a fair and balanced perspective on the property's worth.

Other terms, while related to property value, do not precisely fit this definition. Appraised value usually refers to an official valuation made by a licensed appraiser, often for loan purposes, which might not reflect current market dynamics. Market price reflects the actual sale price of a property, which could differ from the estimated value due to negotiation, urgency, or other market factors. Investment value is a more subjective measure, varying based on what an individual investor believes the property is worth for their specific investment strategy, rather than the general market consensus.