In real estate terms, what does "progression" refer to?

Progression in real estate refers to the increase in value of a property that occurs because of the positive influence of surrounding properties. When nearby homes or buildings improve in quality or value, they can directly enhance the perceived value of an adjacent property. This phenomenon is driven by the idea that surrounding properties can uplift each other, particularly through factors such as neighborhood development, improved amenities, or increased demand in the area.

For example, if a neighborhood sees several homes being renovated or upgraded, an individual property may benefit from this upward trend, even if it has not changed. Essentially, progression illustrates how external factors, such as other properties' values and conditions, can positively impact a specific property's worth.