Hi congliu.uk,
Please see the guidance at
Lifetime ISA. It does not specify market values or sale prices.
As long as the cost to you is below £450000, you meet that part of the criteria.
The other criteria are you buy the property at least 12 months after you make your first payment into the Lifetime ISA, you use a conveyancer or solicitor to act for you in the purchase - the ISA provider will pay the funds directly to them and you’re buying with a mortgage.
Thank you.