Free tool for agents
CMA calculator
Adjust your sold comps to match the subject home and get a value range to back up your list price at the listing appointment.
$444,391indicated value (average of adjusted comps), range $438,260 to $451,430 from 3 comps, median $443,484, about $240 per sq ft
| Comp | Sold | Net adjustment | Adjusted |
|---|---|---|---|
| 14 Oak St | $455,000 | -$3,570 | $451,430 |
| 88 Elm Ave | $432,000 | +$11,484 | $443,484 |
| 301 Birch Ln | $470,000 | -$31,740 | $438,260 |
Cross-check: the comps' median price per square foot is $237, which puts the subject at about $438,450 before adjustments.
A pricing aid for agents, not an appraisal or a guarantee of value. Your adjustments decide the result, so check them against local paired sales. Runs in your browser, and nothing you enter is uploaded.
Worked example
The subject is a 1,850 sq ft home with 3 bedrooms and 2 baths. The best comp, 301 Birch Ln, sold for $470,000 a month ago, but it is 160 sq ft bigger, has an extra bedroom and half bath, and has a pool. At $90 per sq ft, $10,000 per bedroom, $7,500 per bath and a $5,000 pool adjustment, plus 0.3% a month for market growth, it adjusts to $438,260. With the two other comps, the indicated value is about $444,391, in a range of $438,260 to $451,430.
How the math works
- For each comp, find the differences from the subject: square feet, bedrooms, bathrooms and anything else that matters, like a pool, garage or condition.
- Multiply each difference by its value. Add it when the subject is better, and subtract it when the comp is better.
- For older sales, add the market change: the sale price times the monthly change times the months since the sale.
- The adjusted prices form the value range. The average and median point to a list price.
Picking good comps
Use closed sales from the last three to six months, as close to the subject as you can, with the same property type and similar size, age and condition. Active and pending listings show the competition but are not proof of value. If a comp needs adjustments of more than about 25% of its price in total, look for a better one.
Get comps without the spreadsheet
Listhand estimates value from comparable nearby homes when you enter an address, replies to new leads in minutes, runs a 14-day follow-up plan, and drafts listing descriptions checked for Fair Housing issues. Founding agents lock in $99/month.
Questions
What is a CMA?
A comparative market analysis (CMA) estimates what a home should sell for by comparing it with similar homes that sold recently nearby. Agents prepare one before a listing appointment to recommend a list price, and buyer's agents use one to decide what to offer.
How do comp adjustments work?
You adjust each comp's sale price to make it look like the subject home. If a comp is better than the subject in some way, such as more square feet or an extra bedroom, you subtract the value of that difference. If the comp is worse, you add it. The adjusted prices of several good comps then point to a value range for the subject.
What price per square foot adjustment should I use?
Usually less than the average price per square foot in the area, because extra space is worth less than the first square feet of a house. Many agents start at about a quarter to a half of the local average and check it against paired sales in the neighborhood. The calculator shows your comps' median price per square foot so you can sanity-check the number.
How many comps do I need?
Three to six. Pick sales from the last three to six months, close by, with the same property type and similar size, age and condition. A comp that needs very large adjustments is a weak comp, so the calculator flags any comp whose total adjustments pass 25% of its price or whose net adjustment passes 15%.
Is a CMA the same as an appraisal?
No. A CMA is a broker's pricing opinion to help set or negotiate a price. An appraisal is a formal valuation by a licensed appraiser, usually ordered by the buyer's lender. This calculator is a CMA aid and not an appraisal.
Where do I get sold comps?
From your MLS, or from RPR, which is free for Realtors. In non-disclosure states, sale prices are not in public records, so MLS data is the best source.
Is my information saved?
No. The calculator runs entirely in your browser and nothing you enter is uploaded. It only remembers your adjustment rates on this device.
More free tools: the seller net sheet calculator, the listing description generator, the commission calculator, lead follow-up templates and the Fair Housing ad checker.