How Do Comparable Home Sales Work on Long Island?
Learn how comparable home sales work on Long Island and how location, condition, taxes, size and renovations affect value.
A comparative market analysis, commonly called a CMA, helps evaluate how a property may compete in the current real estate market.
Part of the Long Island Seller Guide: Start with the Home Pricing Guide, or browse all resources from the Long Island Home Seller Guide.
What Information Is Included?
A CMA may review closed sales, pending transactions, active listings, expired listings, property characteristics, condition, price changes and days on market.
CMA vs. Appraisal
A CMA is generally used for real estate pricing and marketing. An appraisal is a separate valuation service performed for a different client and purpose.
How Are Comps Selected?
The strongest comparisons share meaningful characteristics in location, size, lot, bedrooms, bathrooms, condition, renovation level and taxes.
Why Active and Pending Listings Matter
Active listings reveal buyer choices. Pending listings may show current demand, though final terms may not yet be public.
Can a CMA Value an As-Is House?
Yes. The analysis should include properties needing work and carefully use renovated sales to understand potential after-repair value.
Can a CMA Guarantee a Sale Price?
No. It helps establish a reasonable range and strategy; the final price depends on the market and transaction.
Get a Confidential Long Island Property Review
Montauk Dunes Real Estate can review the property’s location, condition, comparable sales, likely buyer demand and available selling paths. Legal, tax, inspection and specialized property questions should be addressed by the appropriate qualified professionals.