A comparative market analysis is a tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that have recently sold in the same area.

Although a CMA uses similar housing market indicators to compare and identify home values, it’s not considered an official home appraisal. Home appraisals are conducted by appraisers to create home valuations, CMAs are complete by licensed real estate professionals to estimate the fair market value.

Various Components:
Location
Lot Size
Square Footage
Age and Condition of Property
Number of Bedrooms/Bathrooms
Special Features