Definition
A micro-market is a small defined area (neighborhood, corridor, zip code district) with distinct characteristics and market conditions. Markets aren't uniform; local conditions matter more than city-wide trends.
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Micro markets better capture neighborhood variations than broad market areas. Important for accurate valuations.
Pro Tip
Understand your specific micro-market. Adjacent neighborhoods might be seller's markets while yours is buyer's market.
Example
Subdividing a city into neighborhoods of 50-100 homes for detailed market analysis.