What type of value represents a property's worth in a competitive market?

Market value is defined as the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, with both buyer and seller acting prudently and knowledgeably. It reflects the point at which supply and demand meet in a real estate transaction, indicating what a buyer is willing to pay and what a seller is willing to accept.

Market value is influenced by various factors, including location, property condition, and local market trends. This is key in real estate assessments and transactions, as it gives a realistic view of a property's economic potential in the current market scenario. It serves as a benchmark in buying, selling, and assessing properties since it is based on activity and data from recent comparable sales.

In summary, market value is the most relevant measure of a property's worth in a competitive market because it establishes a foundation for making informed decisions and appraisals that reflect current market conditions.