Definition: Market value is the most probable price a property should bring in an open, competitive market under the stated conditions of a fair sale.
Example
An appraiser considers informed, willing buyers and sellers, reasonable market exposure, and the absence of undue pressure.
Keep the distinction clear
Market value is not the highest imaginable asking price. A special deal, distressed sale, or unusual financing can produce a price that differs from market value.
Related terms
Price · Appraised Value · Value
Keep studying
CMA vs. Appraisal: What Is the Difference?
References: California DRE: appraisal and valuation concepts
Pronunciation (US): MAR-kit VAL-yoo (capitals show stress)
Pronunciation reference: Merriam-Webster
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