What is market value and how does it differ from market price?

Market value is the most probable price a property would bring in a competitive and open market under fair sale conditions, where both buyer and seller are well-informed, acting without undue pressure, and allowed reasonable time to find a buyer. Market price is the actual amount paid for a property in a specific transaction, which may be higher or lower than market value due to factors like urgency, emotional attachment, or lack of information. An appraisal estimates market value. The purchase price recorded on the deed reflects market price.