Free Comparative Market Analysis Template (Excel)

Search for a comparative market analysis template and you'll find dozens of PDF mockups and screenshots of spreadsheets. Most of them are fine as a starting point — and most of them are also why agents end up rebuilding the CMA in a real tool the moment they have a real listing appointment.

Download the free comparative market analysis template (Excel, .xlsx) — four sheets with the adjustment and price-range math already built as formulas. Free, no email required. It opens in Excel, Numbers, and Google Sheets (File → Import → Upload).

This guide walks through what is in the template, how to use it, and an honest read on when a spreadsheet is enough, when it isn't, and what actually pays for itself once you're doing more than two or three CMAs a month. If you are new to the analysis itself, start with what a comparative market analysis is.

What a CMA Template Should Contain

Whether you build it in Excel, Google Sheets, Word, or PowerPoint, a real CMA template has six sections:

1. Cover page. Subject property address, your name and contact, your brokerage logo, date.
2. Executive summary. One paragraph: recommended list price range, time-on-market expectation, headline justification.
3. Subject property summary. Address, photos, key stats (beds, baths, sqft, year built, lot size, key features).
4. Comparable sales. 3–5 sold properties with photos, sale prices, sale dates, days on market, key stats, and your adjustment notes.
5. Active and pending listings. The current competition and direction-of-market signals.
6. Price range and recommendation. A visual or simple chart showing how the adjusted comp values cluster, plus your specific list-price recommendation and the reasoning behind it.

The Free CMA Template Structure (What's in the Download)

The spreadsheet has four tabs, one per section below. The formula columns are labeled; everything else you type in. Download the template (.xlsx) and follow along.

Sheet 1: Subject Property

One column of fields for the home you are pricing. Every comp is compared against these values:

• Address, prepared for (seller), prepared by (agent name, license #, brokerage), date of CMA
• Beds, baths, square feet, lot size, year built, garage spaces, condition rating (1–5)
• Basement, pool, and free-text condition notes (updated kitchen, roof age, anything a buyer will notice)

Sheet 2: Sold Comps

Six sample rows to replace with your own 3 to 6 comps. Each row has the same stats as the subject, plus:

• Sale date, final sale price, distance from subject (miles), days on market
• Price per square foot — a formula (sale price ÷ square feet)
• Adjustment columns, one per category: square feet, beds, baths, condition, garage, lot. Each is a formula: the difference between the comp and the subject, times a rate
• Adjusted price — a formula: sale price + the sum of the adjustments

The rates live in one small block at the top of the sheet (per square foot, per bedroom, per bathroom, per condition point, per garage space, per 1,000 square feet of lot). Change a rate once and every comp updates. That is the one feature where a spreadsheet beats a printed template — and the reason the download is built this way instead of as a PDF.

The direction to remember: adjustments move the comp toward the subject. If a comp has one more bedroom than your subject, its adjustment is negative (the comp would have sold for less if it matched your home).

Sheet 3: Active and Pending

Same stats as the comps, with a status column (active or pending) so they never get pulled into the price-range math by mistake. Active listings show what the subject competes against today; pending listings show where the market is heading.

Sheet 4: Price Range

Fills itself in from the Sold Comps sheet:

• Low end of the range (lowest adjusted comp) and high end (highest adjusted comp)
• Average adjusted price, rounded to the nearest thousand
• Expected days on market (the comp average)
• Your suggested list price and 2–3 sentences of reasoning — the two cells you type in

The cover page, executive summary, and marketing plan are not in the spreadsheet on purpose. Those are presentation, not math: build them in your listing presentation deck (there is a free listing presentation template for that) and paste the numbers in.

Where Free Templates Fall Apart

A template handles the structure. It does not handle the data. The work that actually takes the time — and that the seller is paying for — is what goes into each row:

• Pulling comps from the MLS, copying each property's stats into the sheet, downloading photos, copying remarks. That is 30+ minutes per CMA, every time.
• Keeping the brand consistent across the cover, headers, and footers. A template gets stale and a manually formatted CMA reflects whatever font and color you happened to use last Tuesday.
• Sharing it with the seller. A PDF in an email gets opened once. A live shareable link they can pull up on their phone three days later — when they're discussing it with their spouse — gets revisited.
• Updating the CMA. If the seller didn't sign at the first meeting and you want to send an updated CMA two weeks later with the latest comps, you're starting from scratch in a spreadsheet.

When a Free Template Is Actually Enough

A spreadsheet template is fine if:

• You do one or two CMAs a month, max
• You have time to manually pull and format each comp
• You are practicing — learning the structure before paying for software
• You're a new agent and need to demonstrate the workflow to a broker before getting tool access

For everyone else — agents doing weekly listing appointments, teams handing CMAs between members, anyone whose time is worth more than $25/hour — the math on CMA software pays back in the first month.

What CMA Software Replaces in the Template Workflow

Modern CMA tools (RealAnalytica, Cloud CMA, RPR, MoxiPresent) handle the parts a template can't:

• MLS comp selection. Enter the subject address, the system pulls comps matching your criteria automatically. 30 minutes saved.
• Branded output. Your logo, headshot, colors, and contact info applied to every report. Looks like a senior agent's CMA regardless of how new you are.
• Live shareable links. The seller pulls it up on their phone, you see when they viewed it.
• Connected workflow. The CMA ties to the contact record, the listing presentation, the follow-up sequence. The work doesn't fall through the cracks.
• Updates. Comps refresh as new sales close. Resending a refreshed CMA is one click.

The case for a tool isn't that the output is more accurate — your adjustments determine accuracy, and that's the agent's call regardless. The case is the 45+ minutes saved per CMA and the dramatically better client experience.

How RealAnalytica Handles This

RealAnalytica's CMA module is included in the Active Agent all-in-one plan, $40/user/month billed annually — no separate subscription. You pull up a contact, enter an address, and the system pulls comps, lets you adjust, and generates a branded report in 3 to 5 minutes. The report can be shared as a static PDF or as a live portal link the seller can revisit.

Because the CMA is part of the same platform as the CRM, listing workflow, and marketing tools, you don't switch tools mid-listing. The contact, the CMA, the listing presentation, and the post-appointment follow-up are all in one place.

For the full feature-by-feature comparison against Cloud CMA, RPR, and MoxiPresent — including the free-template angle — see the real estate CMA software comparison. For the conceptual background on what a CMA is and how it works, see the complete comparative market analysis guide. For the step-by-step process for actually doing a CMA, see how to do a CMA in real estate.

The Honest Bottom Line

Free CMA templates are a legitimate way to learn the workflow and get your first few reports out the door. They're also the thing every agent eventually replaces with software once they realize the spreadsheet is eating their evenings.

If you're at one or two CMAs a month: download the template, practice the structure, get comfortable with adjustments. If you're past that volume and your listings are stalling because the CMA work is slowing you down: the monthly spend on a real tool returns 5–10 hours of your time every week.