Definitions for "MARKET DATA APPROACH"
(See sales comparison approach.)
Appraising the value of a property by comparing the sales price of similar properties recently sold in the area. The degree of similarity of the properties, distance from the subject property and terms of the sale are important considerations. One of the three methods used in the appraisal process and usually the most reliable on residential properties.
One of the three primary methods of valuation used by Appraisers (Cost, Income, Market Data). Value estimate is determined by analyzing and comparing sale prices of similar properties recently sold.