# What's a "market?"

By [Brandon Donnelly](https://brandondonnelly.com) · 2013-05-22

market-definition, real-estate, uncategorized

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According to [Fred Wilson](http://www.avc.com/a_vc/2005/12/when_is_a_marke.html), a pure market requires:

*   Massive liquidity
    
*   True price transparency
    
*   Open exchanges where anyone can trade
    

When you have these in place, people feel comfortable trading, a lot.

By this definition, real estate isn’t a true market.

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*Originally published on [Brandon Donnelly](https://brandondonnelly.com/whats-a-market)*