What factor does not affect the market value of property?

The market value of a property is influenced by various factors that reflect what buyers are willing to pay in a competitive marketplace. While the cost of rebuilding plays a role in determining the financial aspects of property ownership, it does not directly impact the market value in the same way that location, demand, and condition do.

Location is a critical factor because it determines the desirability of a property based on accessibility, neighborhood characteristics, and amenities nearby. The demand within the market affects how much buyers are willing to pay—higher demand generally leads to higher prices. The condition of the property is equally significant, as properties that are well-maintained or recently renovated typically command higher valuations compared to those needing repairs or updates.

In contrast, while the cost of rebuilding a structure provides insights into insurance coverage and investment decisions, it does not directly reflect the current market trends and buyer preferences that ultimately set market values. Hence, this factor is the least relevant when determining market value in the context of real estate transactions.