What is comparative market value?

Comparative market value refers to the estimation of a property's worth based on the sale prices of similar properties in the same area or market. It takes into account factors such as location, size, condition, and features to provide a benchmark for buyers and sellers. This analysis helps stakeholders make informed decisions by comparing a property to its peers, ensuring that pricing is aligned with current market conditions. Ultimately, it serves as a key tool in real estate transactions.