How is "market value" best defined?

Market value is best defined as the estimated price a property would sell for in a competitive market. This definition reflects the concept that market value is not merely about what a seller wants or what a buyer is willing to pay, but rather a realistic assessment based on supply and demand dynamics within the real estate market.

In a competitive market, properties are typically assessed against similar properties that have recently sold, considering various factors such as location, condition, and market trends. This results in a well-informed estimate that aligns with current buyer sentiment and market conditions.

The other choices, while related to pricing dynamics, do not accurately encapsulate the essence of market value: the highest price a seller can demand may not reflect what buyers are willing to pay, the agreed purchase price can be influenced by numerous factors including negotiations and personal motivations, and the minimum price to attract buyers is not representative of the true market value determined by comprehensive market analysis.