Home value sometimes referred to as "Value in Use", is best described as the probable price at which a home trades in a free, competitive, and open market and is synonymous with the market value.
market value:
Market value is the highest price in terms of money, that the property
will bring to a willing seller if exposed for sale on the open market;
allowing a reasonable time to find a willing buyer, buying with the
knowledge of all the uses to which it is adapted and for which it can
be legally used, and with neither buyer or seller acting under
necessity, compulsion nor peculiar and special circumstances.
subjective value/objective:
Subjective value exists in the minds of the potential buyers and
seller. Subjective value is the price that people are willing to pay
for a property, irrespective of its cost, as differentiated from
objective value in which the value is associated with the cost of
production or cost of creating the property.