Which approach to value that appraisers use relies on recent sales of comparable properties?

The cost approach estimates a property's value based on the cost to replace or reproduce it, minus depreciation. This method does not consider recent sales of comparable properties but rather focuses on construction costs and land value. Thus, it's not directly tied to market transactions.

The income approach values a property based on its potential to generate income, typically used for investment properties. This method calculates value by analyzing rental income and operating expenses rather than comparing recent sales of similar properties. Therefore, it lacks the comparative analysis central to the market comparison approach.

Similar to the previous choice, the market value approach generally refers to determining the value of a property based on what buyers are willing to pay in the current market. However, it does not specifically emphasize the reliance on recent sales data of comparable properties as distinctly as the market comparison approach does.