Comparable Sales (Comps)
Direct definition
Recently sold homes similar to a subject property, used to estimate market value.
Written by the Vabasso Mortgage Editorial Team · Reviewed against agency and federal sources · Read our editorial policy for how we research and review mortgage content
Plain-English explanation
Appraisers and agents select comps by proximity, size, age, and condition, then adjust for differences to arrive at a value estimate.
Why it matters
Comps drive appraised value, listing prices, and offer strategy.
Where you may see it
- Appraisal report
- Real estate listing analysis
A real-world example
Three sold homes within a mile — similar in beds, baths, and square footage — support the appraiser's $525,000 opinion of value.
Educational and illustrative only
A common misunderstanding
Comps are not identical properties — they're similar homes adjusted for differences to estimate value, not an exact match.
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This glossary provides general educational information. Mortgage terminology, qualification methods, forms, timelines, fees, program rules, and legal meanings may vary by lender, investor, loan program, property, occupancy, state, and transaction. Definitions do not represent loan approval, legal advice, tax advice, or a commitment to lend.
- Author
- Vabasso Mortgage Editorial Team
- Reviewed by
- Vabasso Mortgage Licensed Advisory Team
- Last reviewed
- July 30, 2026