How to Read a CMA (Comparative Market Analysis) Like an Agent

TL;DR: A CMA (Comparative Market Analysis) estimates a home's value by comparing it to 3 to 6 similar properties that sold within the last 90 days and roughly a half-mile radius. The real skill isn't finding the comps, it's the price adjustments agents make for square footage, condition, and upgrades, often $5,000 to $25,000 per line item. Read the adjustments first, not the final number.

_Last reviewed: August 2026 · 8 min read_

You got a CMA from your agent or a neighbor's listing pops up online, and the number at the bottom looks either too high or too low. The truth is most homeowners skip straight to that final figure and never look at how it got there. Learn to read the middle of the report and the price makes a lot more sense.

Okoniq Property Hub keeps a record of your home's upgrades, repairs, and system ages in one place, which is exactly the documentation an agent needs to justify a higher comp adjustment.

What is a CMA and what does it actually measure?

A CMA is a side-by-side comparison of your property against homes that recently sold, are currently listed, or were listed and didn't sell, all within a similar area and time frame. It is not an appraisal. An appraisal is a licensed, regulated valuation usually required by a lender. A CMA is an agent's informed estimate built from MLS data, and it's free.

Most CMAs pull from the last 3 to 6 months of closed sales, though in a fast-moving market agents narrow that to 60 or 90 days so the numbers reflect current conditions, not last year's prices. The report usually lists 3 to 6 comparable sales ("comps"), each within a half-mile to one mile of the subject property, though rural areas stretch that radius out to several miles because there simply aren't enough nearby sales.

How do agents pick comparable properties?

Agents pick comps based on four filters: location, size, age, and sale date, in that order. A comp two streets over in the same school district beats one five miles away in a different district, even if the square footage matches better.

Square footage matters within about 20%. If your home is 1,800 square feet, an agent generally won't use a 3,200-square-foot house as a primary comp, no matter how close it is. Lot size, bedroom and bathroom count, and garage capacity come next. Age matters because building codes and materials shift over time. A 1975 home and a 2015 home in the same neighborhood can carry very different baseline values before a single adjustment is made, especially once you factor in things like whether the electrical panel was ever upgraded. If your home still runs on original service, it's worth checking 100 vs 200 amp service before assuming a comp with updated wiring compares evenly.

What adjustments do agents make to comp prices?

Adjustments are dollar corrections added or subtracted from each comp's sale price to account for differences from your home. This is the part most people never see explained, and it's where the real analysis happens.

A typical adjustment sheet might add $8,000 to a comp for lacking a garage your home has, subtract $15,000 from another comp because it has a renovated kitchen yours doesn't, and add $3,000 for a larger lot. These numbers come from paired-sales analysis, meaning agents look at what buyers actually paid for that specific feature in past local sales, not a guess.

Condition adjustments carry the most weight and the most subjectivity. A roof with 3 years of life left versus one installed last year can swing an adjustment by $10,000 to $20,000 depending on the market, which is one reason it helps to know why your roof might be aging faster than it should before you dispute a low comp. Foundation condition works the same way. A home with documented, resolved foundation cracks that turned out to be non-serious sells at a very different adjustment than one with unresolved structural movement.

| Adjustment Type | Typical Dollar Range | Why It Matters | |---|---|---| | Extra garage bay | $5,000–$10,000 | Buyers pay for covered parking and storage | | Updated roof (under 5 yrs) | $8,000–$20,000 | Buyers price in deferred replacement cost | | Renovated kitchen | $10,000–$25,000 | Highest ROI room in most resale markets | | Original electrical panel | -$3,000–$8,000 | Insurance and lending friction lowers offers |

How do you spot a weak or padded CMA?

A weak CMA leans on comps that are too far away, too old, or too different in size to be honest. If more than half the comps are outside a one-mile radius or older than 6 months in a fast market, question the report before you question the price.

Watch for missing condition notes. A strong CMA states specifically what each comp had and didn't have: updated siding, a finished basement, a new HVAC system. If the report just lists addresses and sale prices with no adjustment reasoning, it's a shortcut, not an analysis. Exterior condition items get overlooked constantly. Siding that hasn't been maintained, per the common mistakes covered in siding maintenance jobs owners skip every year, can quietly cost a comp adjustment of $5,000 or more if an appraiser or buyer's inspector flags it later, even if the CMA never mentioned it.

Also check the "days on market" column. A comp that sat for 120 days before selling likely sold below true market value out of seller fatigue, and using it as a straight comparison drags your estimate down unfairly.

How is a CMA different from a formal appraisal?

A CMA is an estimate from an agent using market data; an appraisal is a certified valuation from a licensed appraiser, usually required for financing. Appraisals follow stricter standards (often USPAP guidelines) and typically cost $400 to $700, while a CMA is free and takes an agent a few hours to prepare.

Lenders won't accept a CMA in place of an appraisal, but a solid CMA is often within 5% of the eventual appraised value in a stable market. In a market moving fast in either direction, that gap widens because CMA comps lag actual conditions by 30 to 60 days while appraisals draw from the same lagging data, just with more rigid adjustment rules.

FAQ

How many comps should a good CMA include?

Most reliable CMAs use 3 to 6 closed comps, plus 1 or 2 active listings and 1 expired or withdrawn listing for context. Fewer than 3 closed comps usually signals a thin data set that needs a wider radius or longer time window.

Can I request a CMA without listing my home?

Yes. Most agents will run a CMA for free even if you're just curious about value, since it's a low-cost way to build a relationship for a future listing. Some online tools generate automated versions instantly, but they lack the condition adjustments a human agent applies.

Why did two agents give me different CMA numbers?

Different agents often choose different comps or apply different adjustment amounts for the same features, especially for condition items like roof age or kitchen updates. A $20,000 spread between two CMAs on the same home is common and usually comes down to which comps were selected, not a mistake.

Does a CMA account for deferred maintenance?

Only if the agent knows about it. A CMA is based on comparable sales data, not a physical inspection of your home, so hidden issues like a slow slab leak or aging attic ventilation won't show up unless you disclose them or they surface later in an appraisal or inspection.

Should I get a CMA before selling or before buying?

Both, for different reasons. Before selling, a CMA sets a realistic listing price. Before buying, a CMA on the home you're offering on tells you whether the asking price has room to negotiate, since sellers sometimes price above what their own comps support.

This is educational information, not real estate or financial advice. Consult a licensed real estate agent or appraiser in your local market before pricing a sale or making an offer.