Which type of report provides an estimate of a property's market value?

A property appraisal is a professional assessment that provides an estimate of a property's market value. This report is typically conducted by a licensed appraiser who evaluates various factors including the property’s location, condition, size, and features, as well as recent sales of similar properties in the area. The appraisal process follows specific methodologies to ensure that the assessed value reflects current market conditions.

In contrast, a market analysis focuses on trends and data affecting real estate markets, helping real estate professionals understand pricing strategies rather than providing a definitive market value for a specific property. A home inspection primarily assesses the condition of a property, identifying any structural or mechanical issues but not determining its market value. A comparative sales report, while it may analyze recent sales data of similar properties, serves more as a tool for agents to gauge what properties might sell for rather than offering an official market value estimation like an appraisal does.