A comparative market analysis is a report an agent prepares to estimate what a property should sell for or what a buyer should offer. It compares the subject property to recently sold, currently active, and pending homes that are similar in location, size, age, condition, and features, then adjusts for differences between them.
Unlike a formal appraisal, a CMA is not a certified valuation and carries no legal weight with lenders. It is a pricing tool, and its quality depends heavily on the agent's judgment in choosing comparable sales and making adjustments.
For sellers, a CMA anchors the listing price to real market evidence rather than emotion. For buyers, it helps frame a competitive but reasonable offer. A well-built CMA is one of the clearest ways an agent demonstrates local market expertise.