The most probable price that a property would command in a competitive and open market under fair sale conditions. Market value also refers to a reasonable opinion of a property’s value based on these criteria. The market value estimate may be calculated by one or more methods including the property's estimated cost to development, sales of comparable properties, direct capitalization rate, or discounted cash flow analysis. Appraisers and potential investors often utilize more than one of these methods in determining an estimated market value.