agency
comparative market analysis
A comparative market analysis, or CMA, is an estimate of a property's likely selling price prepared by a real estate licensee using recent sales, active listings, and expired listings of similar nearby properties. It helps sellers set a listing price and buyers shape offers. A CMA is not an appraisal and is generally not prepared under USPAP standards.
- Exam tip
- A CMA is prepared by a licensee to help price a property; an appraisal is prepared by a licensed appraiser and is required by lenders. Do not call a CMA an appraisal.
- Example
- An agent reviews three sold homes at $410,000, $420,000, and $425,000 plus two active listings and recommends listing the seller's home at $419,900.
Related terms & state variants
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Last verified: 2026-10-23