Which type of value is typically closest to market value?

Speculative value is often the type of value that can closely align with market value. This is because speculative value is based on the potential future interest and demand for a property rather than its current or physical attributes. It considers what buyers might be willing to pay in the current market based on various factors, including trends, location, and economic conditions. As a result, speculative value captures the essence of market dynamics, reflecting the price that potential buyers are ready to pay based on their expectations and intentions.

In contrast, intrinsic value usually refers to the inherent worth of a property derived from its necessary or functional characteristics, which may not coincide with market perceptions. Book value represents the value of an asset as recorded on a company's balance sheet and often does not fluctuate with market conditions. Replacement value is the cost to replace a property with similar features and does not account for additional market factors that influence price, such as buyer demand. Therefore, speculative value emerges as the most likely candidate for being closest to market value, as it is heavily influenced by buyer behavior in the marketplace.