What is Comparable Sales (Comps)?
Comparable sales, or “comps,” are recently sold homes similar to a subject property — in size, condition, and location — used to estimate its value. Agents and appraisers rely on comps to price listings and support offers. Recent, nearby, and similar sales are the most reliable.
Example: To price a listing, an agent pulls three comps that sold in the last few months within a mile, adjusting for differences in size and condition.