How is the market value of a property generally expressed?

The market value of a property is commonly expressed in dollars per square foot or as a total dollar amount because this approach provides a clear and standardized way to quantify value. This method allows for easy comparison between different properties by breaking down value into a per-unit measurement, which can be particularly useful in real estate markets where properties vary significantly in size and type. Total dollar amounts convey the overall worth of a property, giving potential buyers or investors a straightforward figure to consider.

Using dollars per square foot helps in determining the value relative to the size of the property, facilitating better comparisons in real estate decision-making. For instance, if two homes are priced similarly but one is larger, the price per square foot would reveal which property offers more value per unit of space. This established practice is critical in real estate appraisals and market analyses, aligning with how buyers and sellers assess property values in a given market.