A runeword is made by inserting specific runes, in a fixed order, into a base item with exactly the right number of sockets and of the right type. Get the order or the socket count wrong and you get a socketed item with runes in it, not a runeword — and the runes are spent.
Three things decide what a runeword is worth
The recipe. The runes are the cost: Enigma is Jah + Ith + Ber in a 3-socket body armour, Infinity is Ber + Mal + Ber + Ist in a 4-socket polearm or spear.
The base. The same runeword in a different base is a different item. The base sets the speed, the requirements, and the defense or damage the runeword builds on.
The roll. Most runewords have one or more variable stats. Where that matters commercially, the range is in the listing name.
Ethereal bases
An ethereal base has higher base stats and cannot be repaired. Some runewords are made in ethereal bases on purpose; a listing says so when it is.
Common questions
Can I add sockets to a base I already have? Yes, but the socket count you end up with is not always the one you want, which is why a finished runeword in the right base is sold as one item.
Ladder or Non-Ladder? Both, where we can source them. The two realms are separate economies and separate orders.
Building one yourself
If you would rather assemble a runeword than buy it finished, the recipe index lists all 52 verified recipes with the rune order, the socket count and the bases each one can be made in. The runes themselves are in the rune catalogue.