Housing value refers to the estimated worth or monetary value of a residential property. It is determined by various factors, including the property’s location, size, condition, amenities, and market demand. Housing value is influenced by local real estate market conditions, economic factors, and supply and demand dynamics. It is typically assessed by real estate professionals, appraisers, or automated valuation models (AVMs) based on comparable sales, property characteristics, and other relevant factors. Housing value is important for homeowners, buyers, sellers, lenders, and policymakers as it affects decisions related to buying, selling, financing, and investing in residential real estate. It can fluctuate over time in response to changes in market conditions, economic indicators, and property-specific factors. Tracking housing value trends is essential for understanding the overall health and stability of the real estate market and making informed decisions about homeownership and property investments.
Housing value refers to the market value of residential real estate. That would usually include single-family homes, condominiums, and any other form of real estate in which the occupant holds an equity interest in the property.
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This glossary post was last updated: 29th March, 2024.
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