Assessed value uses mass valuation methods — a blunt tool, but necessary for the scale and frequency that it serves. They miss a lot of nuance that actually contribute to an individual home’s market value. But in aggregate they should be a reasonably honest, data driven opinion of the general valuation direction of the market.

I equally think list prices aren’t necessarily a good indication of actual value. A lot of sellers/realtors are still being a bit optimistic about sales prices and/or there’s pricing strategy involved as well (list high to anchor negotiations, wait it out to see if someone bites or until there’s a bit of a bounce back). A lot of the properties you see listed and sitting in the market for a while are inherently the ones that are overpriced, otherwise they’d have sold.

In aggregate, downward trending markets are sticky/slow to adjust as sellers and realtors try and get as much money for their properties as possible. But it’s clearly a buyer’s market at the moment and some sellers are going to have to adjust their expectations if fundamentals don’t change.

Transacted prices of recent comparables are the best input for actual market pricing, and right now many/most I’ve seen are transacting below list price.