A comparative market analysis (CMA) is only as convincing as the report you hand over. Two agents can pull the same comparable sales and reach the same number, yet one wins the listing and the other doesn't — because one report is clear, complete and defensible, and the other is a screenshot of a portal search. This guide covers exactly what to include in a CMA report: the sections that establish value, the sections that build trust, and the order that makes a seller or buyer nod along instead of arguing. If you want the full method behind the number, our step-by-step guide on how to create a CMA covers the analysis; this piece is about the deliverable.
Open with the home you're valuing, described the same way you describe the comps — so the comparison is apples to apples. Include the address, property type, living area, plot size, number of beds and baths, year built, and a one-line note on condition and any standout features (a new kitchen, an extension, a poor layout). This section does two jobs: it proves you've actually looked at the property, and it fixes the yardstick every comparable will be measured against. If the subject summary is vague, every adjustment downstream looks arbitrary.
2. The comparable sales (the core evidence)
This is the heart of the report and where most of your credibility is won or lost. Show three to six recent sold comparables — homes that have actually closed, ideally within the last three to six months, close by, and similar in size, type and condition. For each comp include the address, sale price, sale date, key attributes and, where you can, a photo. Prioritise quality over quantity: four genuinely comparable sales you can defend beat ten loose ones that invite argument. Getting this selection right is a skill in itself — our guide on finding the right comparable sales walks through how to choose them and what to reject.
3. The adjustments
No two homes are identical, so a raw list of comp prices isn't an analysis — it's just data. The adjustments are what turn comps into a value: you add or subtract for differences (an extra bathroom, a smaller plot, a renovated versus a dated kitchen) so each comp reflects what it would have sold for if it matched the subject. Show your adjustments transparently — even a simple line per comp ("−€8,000, no garage") tells the client the number is reasoned, not plucked from the air. If you're unsure how to size them, our explainer on CMA price adjustments breaks down the common categories and how much each is typically worth.
4. Active and pending competition
Sold comps tell you what buyers have paid; active and pending listings tell you what your seller is up against today. Include the homes currently for sale that a buyer would weigh against the subject, plus anything under offer. This section is where you translate value into strategy: if five similar homes are sitting unsold above a certain price, that ceiling matters more than an optimistic sold comp from six months ago. Omitting the competition leaves the report answering only half the question.
5. Market conditions
A short market section gives the number its context and protects you if the market moves. Include the metrics that actually shift pricing decisions: average days on market, the sale-to-list price ratio (are homes selling above, at, or below asking?), and months of inventory or absorption rate (is it a buyer's or seller's market?). You don't need a research report — three or four current, local figures, honestly sourced, are enough to show the recommendation is grounded in the market as it is now, not as it was last spring. Never fabricate these numbers; pull them from your own market data.
6. The value range and recommended price
After the evidence comes the conclusion: a value range and, within it, a recommended list or offer price. Lead with the range rather than a single figure — it reflects the genuine uncertainty in any valuation and gives you room to discuss strategy. Tie the recommendation explicitly back to the comps and market section so it reads as the logical endpoint of the analysis, not an opinion bolted on at the end. When you present this to a seller, how you frame the range matters as much as the number — see how to present a CMA to a seller.
7. Strategy, branding and next steps
Close with a brief strategy — pricing position, likely timeline, and any recommendation (list slightly under to drive competition, or hold firm) — and your branding and contact details. A CMA is a pricing tool and a marketing document: it should look like it came from a professional who will handle the sale with the same care. For a ready-made structure you can reuse, our property valuation report template lays out these sections in order with a worked example.
A worked example: what the report actually shows
Suppose you're preparing a CMA for a three-bedroom terraced house. All figures are illustrative, to show the structure rather than any real market. Your report would move like this:
Subject: 3-bed terrace, 105 m², renovated kitchen, small garden, good condition.
Sold comps: three nearby sales at €322,000, €331,000 and €340,000 over the last four months.
Adjustments: the €340,000 comp had an extra bedroom (−€15,000); the €322,000 comp needed work (+€10,000). Adjusted, all three cluster around €330,000.
Competition: two similar homes currently listed at €345,000 have sat for 60+ days — a sign that level is too high.
Market: homes are selling at ~98% of asking in around 35 days locally.
Recommendation: a value range of €326,000–€334,000, with a suggested list price of €329,000 to attract early interest and avoid the stale-listing trap the €345,000 homes fell into.
Notice that every part of the recommendation traces back to something earlier in the report. That traceability is what makes a CMA persuasive: the seller can see the number, not just be told it.
How software makes a complete CMA faster
The reason many CMAs skip half these sections is time. Pulling comps, tagging them by status, adjusting for differences and assembling it all into a branded document by hand can eat an afternoon per listing. This is where property-analysis software earns its place. With Biedradar, you enter an address and it gathers comparable sales, current listings and market signals, then generates a clean, branded valuation report — subject summary, comps, market conditions and a value range — in minutes. You keep the judgement that matters (which comps are truly comparable, how to size the adjustments, what strategy to recommend); the tool removes the assembly work that tempts agents to cut corners. The result is that every listing gets the complete report, not just the ones you had time for. If you're comparing options, our overview of CMA software for real estate agents covers what to look for.
Frequently asked questions
What should a CMA report include?
A complete CMA report includes: a subject-property summary; a set of recent comparable sales (sold, not just listed); active and pending competition; the adjustments you made to each comp; a market-conditions section (days on market, sale-to-list ratio, months of inventory); a clearly stated value range and recommended price; and a short strategy or next-steps section. The report should also carry your branding and contact details, because it doubles as a marketing document.
How many comparable sales should a CMA include?
Three to six strong comps is the usual sweet spot. Fewer than three and the range rests on too little evidence; more than six and you're usually reaching for weaker matches that dilute the analysis. Prioritise recency (ideally sold within the last 3–6 months), proximity, and similarity in size, condition and type over sheer quantity. It's better to show four genuinely comparable sales you can defend than ten loosely related ones.
Should a CMA show active listings or only sold comps?
Both, but for different reasons. Sold comps establish what buyers have actually paid — they anchor the value. Active and pending listings show the competition your seller will face right now and how the market is trending. Sold comps answer 'what is it worth'; active listings answer 'what will it take to stand out this month'. A report that omits the competition leaves out half the pricing story.
How long should a CMA report be?
Long enough to be defensible, short enough to be read. Most effective CMAs run a handful of pages: a cover and subject summary, one or two pages of comps with photos and adjustments, a market-conditions page, and a pricing recommendation. Depth belongs in the comp selection and adjustments, not in page count. A tight, well-organised report signals competence better than a padded one.
What is the most important part of a CMA report?
The comparable-sales selection and the adjustments that follow. Everything downstream — the value range, the recommended price, the strategy — rests on whether the comps are truly comparable and whether the adjustments are honest. A beautiful report built on weak comps still produces a wrong number. Spend your time getting the comp set right; the presentation is the wrapper, not the substance.
