Which term refers to the price at which a property would sell under typical market conditions?

Market value refers to the estimated price at which a property would sell under normal market conditions, where both the buyer and the seller are well-informed, acting in their own best interests, and not under duress. It reflects what the property is realistically worth in the current market, considering factors like demand, location, economic conditions, and recent sales of similar properties.

Appraised value is often an estimate determined by a professional appraiser, which may differ from market value due to various factors and is used primarily for lending purposes. Market price is what a property actually sells for, which may not always align with market value due to various external influences and negotiations. List price is the price at which a property is offered for sale, which can change based on seller strategy or market feedback and does not necessarily reflect the final sale price or current market conditions.

Understanding these distinctions is crucial for real estate professionals as they help in assessing property value, advising clients, and making informed decisions in transactions.