Mile

A mile is a unit of distance equal to 5,280 feet. In valuation, distance matters because the location of a comparable property relative to the subject can affect how closely the properties compete in the same market.

Appraisers and brokers may use distance as one factor when selecting comparable sales, with applicable guidelines sometimes establishing a preferred geographic range. That range varies by property type and market. In a dense urban area, a single mile can cross several submarkets with distinct price points, while in a rural area, the nearest reasonable comparable may be several miles away.

Appraisers document why they use comparable sales outside a typical geographic range, particularly when closer properties are not sufficiently similar. Reviewers consider distance alongside other factors, since a nearby but dissimilar sale may provide less useful evidence than a well-matched property farther away.