Market value
The price a home would likely sell for between a willing buyer and seller, both informed and not under pressure. Appraisals and CMAs both try to estimate it.
Also called: fair market value, FMV
Related terms
The value the appraiser puts on the home in the report. Lenders base the loan on the lower of this number and the purchase price.
The value a local tax assessor assigns to a property to calculate property taxes. It often differs from market value and is not a reliable guide to price.
An agent's estimate of a home's likely sale price based on recent nearby sales and current listings. It guides list prices and offers but is not an appraisal.
Recently sold homes near the subject property that are similar in size, age, and features. Appraisers and agents use them to estimate value.
The price a home actually sells for at closing. It can differ from the list price and becomes public record in most states.