An appraisal method in which the value of a property is estimated by means of comparing it with similar properties recently sold.
The Market Approach to Value is one of the methods used to determine the value of property; it uses the value as determined by the open market to establish the assessed value of a property. The Market Approach to Value is the same as the Comparable Sales Approach to Value. See page 27.
In appraisal, using the marketplace as a yardstick to measure the value of property.
An estimate of value based on the actual sales prices of comparable properties. Contrast with cost approach to value and income approach to value.