a method for measuring formation property includes obtaining a set of measurements indicative of wellbore pressures for a selected duration after a pressure perturbation is created in a wellbore ; obtaining at least one additional set of measurements indicative of formation pressures for the selected duration after the pressure perturbation ; and deriving the formation property based on the set of measurements indicative of the wellbore pressures and the at least one additional set of measurements indicative of formation pressures . a system for measuring formation property includes a first pressure sensor disposed proximate a wellbore for measuring pressures in the wellbore ; a second pressure sensor disposed in a formation at a predetermined distance from the wellbore ; and a flow rate measuring device .