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A comparative market analysis (CMA) is an estimation of a home’s value that is usually conducted by a real estate agent before listing a home. The analysis compares the home to other recently sold, comparable properties (known as “comps”) in the same area. A CMA is most commonly used to help sellers set a fair listing price for their home and buyers submit competitive offers.
CMA reports will typically include:
- The address of the home and comparable properties that are nearby.
- A description of each property. This can include the number of bedrooms and bathrooms, square footage, age, condition, lot size, and other features.
- The sales price of each comp.
- When each comp was sold. These dates should be as current as possible.
- Price adjustments made for differences between properties.
- The fair market value of the subject property.
- The home’s dollar value per square-foot.
A comparative market analysis should be used only to give an estimate of a home’s value. It does not reflect the appraised value of a home which can only be determined by a professional appraiser.
