Real estate is considered non-homogeneous, meaning?

Real estate is considered non-homogeneous primarily because no two properties are exactly alike. This characteristic arises from the unique combination of factors that contribute to each property's identity, such as location, size, design, features, and the legal rights associated with it. Even properties that appear similar at a glance can have significant differences that affect their value and desirability, such as proximity to amenities, view, and the condition of the structure.

This diversity among properties is crucial in real estate because it affects market dynamics, pricing strategies, and investment opportunities. Understanding that each property is distinct helps real estate professionals accurately assess market conditions and navigate transactions effectively.