September 29, 2026
What Is a CMA? Comparing a CMA and Appraisal
By Joseph T Ellington Jr – Licensed Residential Appraiser, Capital Valuations. Reviewed September 2026.
A comparative market analysis (CMA) is a real estate professional's market-based estimate, typically used to discuss a listing or offer price. An appraisal is an assignment by a credentialed appraiser with a defined client, intended use, effective date, scope, and report. Both can use comparable sales; neither guarantees the eventual sale price.
Which tool fits the question?
| Question | CMA | Appraisal |
|---|---|---|
| Preparer | Usually an agent or broker | Credentialed appraiser within license scope |
| Typical use | Pricing and negotiation advice | Opinion of value for a defined assignment |
| Method | Comparable property analysis; format varies | Documented scope, research, analysis, and reporting |
| Mortgage lender | Usually not a substitute for a required appraisal | Subject to lender ordering and program rules |
A well-researched CMA can be useful, and an appraisal is not automatically more accurate in every transaction. Examine the data, date, and assumptions behind either conclusion. The CFPB explains mortgage appraisals; our comps guide explains the sales evidence.
Examples in Hampton Roads
A Chesapeake seller choosing an initial listing price can use an agent's CMA. A Norfolk estate needing a value opinion as of an earlier date may require an appraisal. For a Virginia Beach mortgage, the lender generally manages appraisal ordering and independence. For a tax assessment dispute, first review the assessor's record and appeal deadline; see our tax and appraisal guide.
Ask Joe about a private residential appraisal when you need to define an assignment.