In property valuation, what are properties similar to the subject property referred to as?

In property valuation, the term used for properties that share similarities with the subject property is "comparable properties." This concept is fundamental to estimating the value of a property, especially in approaches like the sales comparison approach. Comparable properties are selected based on various criteria such as location, size, age, condition, and other relevant features that could influence their market value.

When appraising a property, valuers analyze these comparable properties to draw parallels and make informed adjustments based on differences in features or market conditions. This method helps establish a fair market value by providing real-world examples of how similar properties have transacted in the marketplace.

The other terms mentioned do not accurately reflect the industry language or processes. "Market peers" could refer to similar properties in a broader sense but is not the standard terminology used in valuation practices. "Value benchmarks" typically refer to reference points or standards against which value can be measured, rather than direct similar properties. "Equity equivalents" does not pertain to property valuation at all but instead relates to financial instruments and equity in investments. Thus, the use of "comparable properties" is the most precise and widely accepted term in the context of property valuation.