MARKET APPROACH

market approach.A method of appraising real property, by surveying the market and comparing the property to similar pieces of property that have been recently sold, and making appropriate adjustments for differences between the properties, including location, size of the property, and the dates of sale. — Also termed comparative-sales approach; market-comparison approach; market-data approach. Cf. COST APPROACH; INCOME APPROACH.

[Blacks Law 8th]