What Is a CMA in Real Estate? (Comparative Market Analysis Explained)

A CMA — comparative market analysis — is a professional assessment of a home's current market value based on recently sold comparable properties in the same area. It's the primary tool real estate agents use to recommend a listing price and the most reliable way for homeowners to understand what their property is worth in today's market.

Unlike an AVM like Zillow's Zestimate, which relies on algorithms and public data, a CMA incorporates direct market knowledge, interior condition, and an agent's understanding of what buyers in that specific area are currently paying.

What a CMA includes

• Recently sold comparables — homes with similar size, age, location, and features that closed in the last 90–180 days
• Active listings — current competition your home will face on the market
• Expired listings — homes that failed to sell, indicating where the market rejected pricing
• Price adjustments — dollar adjustments for differences between your home and comparables (extra bedroom, renovated kitchen, larger lot)
• Market trend analysis — whether your local market is appreciating, stable, or declining
• Recommended list price range — typically a range of $10,000–20,000 rather than a single number

CMA vs. appraisal vs. Zestimate

How an agent prepares a CMA

1. Pull recently sold comparables from the MLS within 0.5–1 mile radius, last 90–180 days
2. Filter for similar property characteristics: beds, baths, square footage, lot size, age, style
3. Review each comparable's sale price, list price, days on market, and condition notes
4. Apply dollar adjustments for meaningful differences (e.g., +$15,000 for an extra full bathroom)
5. Weigh the adjusted values and review active competition to arrive at a recommended range
6. Present findings in a written or digital report at the listing appointment

How accurate is a CMA?

A well-prepared CMA by a local agent with active market exposure is typically accurate within 2–4% of eventual sale price. Accuracy increases when there are strong comparable sales, decreases in unique properties or low-turnover markets. The agent's local knowledge — knowing that a specific street commands a premium, or that buyers avoid a particular school boundary — adds accuracy that no algorithm can replicate.

How to get a CMA for your home

Contact a local real estate agent and ask for a CMA or "market analysis." Most agents provide this free as part of a listing consultation. The agent will visit your home to assess condition, gather property details, and pull comparable data from the MLS.

For agents: CMAs are your most powerful listing tool. Agents who lead with a data-driven CMA and clearly explain the methodology win more listings than those who quote a number without evidence. Tools like HomeScore's home valuation widget give homeowners an instant automated estimate that creates the opening for you to follow up with a full CMA.