A Michigan appraiser uses three comparable sales to estimate value. After adjustments, the comps indicate values of $312,000, $318,000, and $315,500. The appraiser would most likely conclude a value of approximately:

Explanation

When comparable sales cluster closely, the appraiser reconciles by giving weight to all three. The average: ($312,000 + $318,000 + $315,500) / 3 = $315,167. The appraiser would likely report a value around $315,000-$316,000.