What Is a CMA Report?
A Comparative Market Analysis (CMA) report is a structured document that estimates a property's market value by analyzing recently sold, currently listed, and recently expired comparable properties in the area. It's the working investor's equivalent of an appraisal — faster, cheaper, and just as decision-useful when prepared correctly.
For the difference between CMAs, formal appraisals, and Broker Price Opinions, see our deep dive on CMA vs appraisal vs BPO.
The 7 Sections of a Professional CMA Report
- Subject Property Summary — address, beds/baths, sqft, lot size, year built, current condition.
- Sold Comparables — 3–6 closed sales from the last 3–6 months within ~1 mile.
- Active & Pending Listings — what's currently competing in the market (the "ceiling").
- Adjustments — line-item additions or subtractions for differences between each comp and the subject.
- Market Trends — price-per-sqft direction, days on market trend, inventory levels.
- Recommended Value Range — low, recommended, and high estimate with confidence interval.
- Photos & Map — visual reference for each comp and its location relative to the subject.
Free CMA Report Template
Use this skeleton for any manual CMA. Fill in your numbers in the bracketed sections:
SUBJECT PROPERTY Address: [Full address] Beds/Baths: [3/2] Sqft: [1,500] Lot: [0.15 ac] Year: [1995] Condition: [Distressed / Average / Renovated] SOLD COMPARABLES (last 6 months, within 1 mile) Comp 1: [Address] | [Sqft] | [$/sqft] | Sold: [$XXX,XXX] on [Date] Comp 2: ... Comp 3: ... ADJUSTMENTS Comp 1: +$5K (extra bath) -$3K (smaller lot) = Adjusted $XXX,XXX ... MARKET TRENDS Median $/sqft: [trending up/flat/down] Avg DOM: [XX days] Inventory: [X months supply] VALUE RANGE Low: $XXX,XXX Recommended: $XXX,XXX High: $XXX,XXX
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Worked Example
Subject: 3-bed/2-bath, 1,500 sqft single-family home in Tampa, FL, currently distressed.
- Comp 1: 1,480 sqft, sold $370K ($250/sqft), renovated, 0.4 mi away, sold 45 days ago
- Comp 2: 1,550 sqft, sold $385K ($248/sqft), renovated, 0.6 mi away, sold 70 days ago
- Comp 3: 1,420 sqft, sold $360K ($254/sqft), renovated, 0.8 mi away, sold 90 days ago
Median price/sqft = $250. Subject ARV = 1,500 × $250 = $375,000. The recommended value range is $365K–$385K. From there, an investor applies the 70% rule to back into a max offer.
AI-Generated vs Manual CMA Reports
Manual CMAs take 1–3 hours and depend on whoever prepares them having current MLS access. AI-generated CMAs pull the same data sources automatically, apply consistent filters, and produce a defensible report in under 2 minutes. The right answer depends on volume:
- 1–2 deals/month: Manual is fine — you can afford the hours.
- 5+ deals/month: AI CMA tools pay for themselves in saved time within the first week.
- Hard money / lender presentations: AI tools that export branded PDFs (like Revaluno) are now the standard.
Common CMA Report Mistakes
The same errors show up in CMA after CMA. Avoid these and your reports will outclass 90% of what's circulating:
- Using comps older than 6 months in a moving market
- Mixing distressed and renovated sales in the same comp set
- Skipping the adjustments section entirely
- Reporting a single ARV number instead of a range
- No photos or map — makes the report hard to verify
For a full breakdown, read the most common comping mistakes investors make.
Frequently Asked Questions
What does CMA stand for in real estate?
CMA stands for Comparative Market Analysis — a report that estimates a property's market value by comparing it to recently sold and currently listed similar properties.
Is a CMA the same as an appraisal?
No. An appraisal is a formal valuation by a licensed appraiser, required by lenders. A CMA is an informal market analysis prepared by an agent or investor — faster and cheaper, but not legally binding. See our guide on CMA vs appraisal vs BPO for the full breakdown.
How long does it take to make a CMA report?
Manual CMA reports take 1–3 hours when done properly. AI-generated CMA reports (like Revaluno's) take under 2 minutes and include the same data points.
Can I use a CMA report to support an offer?
Yes. A well-prepared CMA report with 3–6 strong comps is one of the most effective tools for justifying a low offer to a seller or supporting a hard money loan application.