What Is a Market Evaluation? CMA Explained | hômm

Ask three REALTORS® what to call the report that estimates your home's value, and you might get three answers: market evaluation, CMA, comparative market analysis, home evaluation. They all mean the same thing: a data-backed estimate of what your home would sell for right now, built from recent nearby sales.

This guide covers what's in the report, how it's built, who prepares it, and when to get one. Want the fast version? Get a free CMA built from real Edmonton and Alberta sold data.

✅ Key Takeaways:

Market evaluation, home evaluation, and CMA (comparative market analysis) are the same report under different names.
It's built from 3 to 6 recent sold comparables, adjusted for how each differs from your home, plus a look at active competition.
It's usually free, prepared by a REALTOR®, and lands as a price range with a strategy, not a single guessed number.

What a Market Evaluation Actually Is

A market evaluation is a REALTOR®'s estimate of your home's likely sale price, built by comparing it to homes that recently sold nearby and adjusting for the differences. The name changes by agent and region; we'll use CMA from here, since that's the term you'll hear most once you're talking to REALTORS®.

It isn't a guess, and it isn't just an algorithm's output (more on that below). It's a professional's read of the market, backed by comparable sales.

What's Inside the Report

A proper CMA has four parts:

Sold comparables. Usually 3 to 6 homes sold recently, nearby, similar in size, style, and condition.
Active competition. Listings currently for sale nearby that you'd be competing against for buyers.
Line-item adjustments. Each comparable adjusted up or down for features it has that yours doesn't.
A concluding price range and strategy. Not one number: a range, plus where to list within it.

A single number with no strategy behind it isn't a market evaluation. It's a shortcut.

How the Adjustments Actually Work

Say a comparable two blocks over sold last month, nearly identical to yours except for two things. It has a double attached garage; yours has a single, so the price gets adjusted down. It also has an unfinished basement; yours is finished, so the price gets adjusted up to reflect your extra livable space.

Run that process across every comparable, and the adjusted numbers cluster around a defensible range. That range is your CMA, not the raw sold prices you'd see on a map.

💡 Pro Tip: Ask for the adjustments in writing, not just the final number. If a REALTOR® can explain why each comparable moved up or down, you can trust the range.

Who Prepares One, and How

CMAs are typically prepared by licensed REALTORS®, free, because they're how listing conversations start. That's different from an instant online estimate: an algorithm reads public data with no one checking whether the comparables actually match your home. It's a starting point, not a CMA.

hômm's free CMA gives you both: an instant estimate first, then a full comparative market analysis built from real Alberta sold prices and reviewed by a local REALTOR®.

Market Evaluation vs Appraisal

A CMA is a REALTOR®'s pricing opinion, usually free, meant to inform a listing decision. An appraisal is a formal, paid report from a licensed appraiser, ordered by a lender for financing. For the full breakdown, read Home Appraisal vs CMA: What Actually Sets Your Price.

When to Get One

Before you list. The most common reason, and what your strategy gets built around.
Before a renovation decision. Shows whether an upgrade is likely to pay back at resale.
At renewal or refinance planning. Useful context, though your lender orders its own appraisal.
During separation or estate planning. Good for informal talks, but formal processes often need a licensed appraisal instead. Check with your lawyer first.

⚠️ Watch Out: In Alberta, sold prices sit behind sign-in on most MLS®-fed sites, including our recently sold pages. Listed square footage can also vary by measurement standard, which affects how "comparable" a comp really is. See our guide to RMS square footage in Alberta.

🎯 The Bottom Line: A market evaluation is a REALTOR®'s data-backed estimate of your sale price, built from adjusted sold comparables, not a guessed figure. It's free and it's the standard first step before listing. Get your free CMA to see where your home lands.

Frequently Asked Questions

Is a market evaluation free? Yes. REALTORS® typically prepare CMAs at no cost, since it's how they start a listing conversation. hômm's free CMA works the same way.

Is a market evaluation the same as an appraisal? No. A market evaluation (CMA) is a REALTOR®'s pricing opinion for listing purposes. An appraisal is a formal, paid report from a licensed appraiser, ordered by a lender. See Home Appraisal vs CMA for the full comparison.

How accurate is a market evaluation? It depends on how recent and similar the sold comparables are, and how carefully they're adjusted for condition, size, and upgrades.

How is it different from an online instant estimate? An instant estimate comes from an algorithm reading public data, with no human review. A CMA adds a REALTOR® who checks comparables against your home's real condition.

Does getting one mean I have to list my home? No. A CMA is information, not a commitment. Many homeowners get one to plan a renovation or think through timing, long before they're ready to list.

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This article is for general information and doesn't replace advice from a licensed REALTOR® or appraiser. For a market evaluation specific to your address, start your free CMA.

What Is a Market Evaluation? (CMA, Explained)