Despite persistent policy and market uncertainty, the commercial real estate appraisal sector remained remarkably steady in Q3. The LightBox Appraisal Index rose 3% to 64.6, its highest level in three years and the third consecutive quarterly gain.
The latest LightBox Q3 2025 Appraisal Trends Report explores:
- How easing rates and a surge in refinancing shaped a stronger quarter for lender-driven appraisals.
- Why valuation spreads are widening as sector performance diverges across multifamily, office, and data centers.
- What the latest appraisal data suggests about credit discipline, lending appetite, and the path into 2026.
Lending Strength and Rate Cuts Drive New Momentum in Appraisal Volume
The LightBox Appraisal Index, which tracks appraisal awards placed by lenders through LightBox’s Collateral360® and RIMS® platforms, rose to 64.6 in Q3, a 2% year-over-year increase and the third consecutive quarterly gain. Momentum was uneven across the quarter, with typical seasonal softness in July and August followed by a sharp rebound in September after the Federal Reserve’s first rate cut of the year. That easing helped restore lender and investor confidence, spurring renewed demand for refinancing and loan re-evaluations.
LightBox Appraisal Index (base Q1 2021=100)
