What is a significant factor in determining the value of residential properties?

The marketability of the location plays a crucial role in determining the value of residential properties. A property's marketability encompasses various aspects such as its desirability, accessibility, and the overall appeal of the neighborhood. Factors influencing marketability include local amenities, school districts, public transportation options, and the safety of the area. When a location has a strong market presence, it often attracts potential buyers, consequently driving up property values.

In contrast, while other factors like proximity to commercial areas, historical background, and size of the property are important, they often play secondary roles in relation to marketability. A property might be large or have historical significance, but if it is in a less desirable or declining area, its value may not be as high. Conversely, a smaller property in a highly marketable location might surpass larger options in less appealing areas regarding price and demand. Thus, marketability remains a significant factor in evaluating residential property value.