A competitive market analysis primarily considers what aspect of a property?

A competitive market analysis (CMA) is a critical tool used in real estate to determine the value of a property by comparing it to similar properties in the market. The most essential aspect considered in a CMA is the square footage of the subject property.

Square footage serves as a foundational metric because it directly influences the property's market value and the price per square foot in which similar properties are selling. Buyers typically use square footage to gauge the amount of livable space they are getting for their investment, making it a primary factor in comparisons with other homes.

While the quality of internal finishes, the age of the property, and the number of stories are relevant features, they are secondary considerations that often fall into the category of adjustments made after establishing the baseline value from square footage. Differences in finishes and the age of homes can affect desirability and market appeal but do not carry the weight of size in most market analyses. The number of stories might warrant some consideration in a specific market or for specific buyer preferences, but it is not as universally critical as square footage when establishing a property’s comparative value in a CMA.