| Term | Definition |
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| Main water shut-off valve | The primary valve that halts the flow of water from the water meter into a home.
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| Maintenance fee | The monthly assessment members of a homeowners association pay for the repair and maintenance of common areas.
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| Managed-competition lots | Lots in which buyers choose between one of several builders.
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| Mansard roof | A roof with four sides that slope upward from the roof edge to the square peak.
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| Mantel | The facing of stone, marble or other material around a fireplace.
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| Manufactured housing | Prefabricated homes that can range from simple trailers to larger dwellings.
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| Margin | The lender's "retail markup" on the mortgage. For example, if the index rate for an adjustable rate mortgage is 5 percent but the lender has a 2.5 percentage-point margin, the rate the borrower will pay is 7.5 percent.
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| Market conditions | Factors affecting the sale and purchase of homes at a particular point in time.
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| Market value | The price that a piece of property sells for at a particular point in time.
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| Masonry | The brick or stone work on a building.
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| Master-planned community | A suburban plan that includes homes and commercial, work, educational and community facilities.
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| Maximum financing | A loan amount within 5 percent of the highest loan-to-value ratio allowed for a property.
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| Mechanical systems | A home's plumbing, wiring, heating and cooling systems.
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| Mechanic's lien | Subcontractors or suppliers sometimes will file an encumbrance, or mechanic's lien, against a property to seek payment
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| Median price | The price of the house that falls in the middle of the total number of homes for sale in that area.
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