🏘️ Comparative Market Analysis Calculator
Estimate a home's market value from recent comparable sales, adjusted for differences and weighted by price per square foot.
Average adjusted price per sq ft: $208.98 (from 3 comps)
What Is a Comparative Market Analysis?
A comparative market analysis (CMA) estimates the fair market value of a property by looking at recent sale prices of similar nearby homes — the “comps.” It is the same method real estate agents use to price a listing and that buyers use to decide how much to offer. A CMA is not a formal appraisal, but when it is built from good comps it usually lands within a few percent of what a home will actually sell for.
The CMA Formula
The core of a CMA is price per square foot. For each comparable sale, take the sold price, add or subtract adjustments for the ways it differs from your subject property, then divide by the comp’s living area:
Adjusted $/sq ft = (Sale Price + Adjustments) ÷ Square Footage.Average the adjusted price per square foot across all your comps, then multiply by your subject property’s square footage to get the estimated value. This calculator also shows a low-to-high range using the cheapest and most expensive comp per square foot, which is a realistic picture of where the market sits.
How to Choose Good Comps
Pick three to six homes that actually soldin the last three to six months, ideally within a mile and in the same school zone. Match the property type, and stay within roughly 20% of your subject’s square footage. Use the adjustment column to account for meaningful differences: add value to a comp that lacks a feature yours has (for example, +$10,000 if yours has a finished basement the comp doesn’t), and subtract value from a comp that is superior. Listing prices and pending sales are not comps — only closed sales reflect what buyers truly paid.
Reading the Result
The estimated value is your best single-number figure; the range tells you how much the comps disagree. A tight range means a confident estimate, while a wide range usually means your comps are not similar enough — tighten your selection or add more adjustments. For pricing a listing, many agents aim slightly below the midpoint to drive competing offers; for an offer, the low end is your starting point in a buyer’s market.