Wondering What “Comps” Means? Here’s How They Determine What Your Home Is Worth

What Exactly Are “Comps” in Real Estate?

If Matt Cheney has told a client he is going to “pull some comps,” he is usually met with a polite nod and a look that says the term needs a translation. It is one of the most common phrases in real estate, and one of the least explained.

Comps, short for comparable sales, are homes similar to yours that have sold recently, in your area, in a similar size, style, and condition. They are the foundation of an accurate home valuation, and they are often the reason a well-prepared pricing conversation is grounded in evidence rather than estimation.

How Matt Cheney Selects the Right Comparable Sales

Not every recently sold home nearby qualifies as a useful comp. Matt Cheney narrows the list using a consistent set of criteria, including square footage, lot size, number of bedrooms and bathrooms, architectural style, condition and recent updates, and proximity to the subject property. Timing matters too. A sale from two years ago tells a different story than a sale from last month, especially in a market where conditions can shift within a season.

The goal is to land on a small group of homes that a buyer would reasonably cross-shop against yours, then look closely at what those buyers actually paid, how long the homes sat on the market, and how the final sale price compared to the original list price.

Why Comps Matter More Than a Ballpark Guess

Pricing a home is one of the highest-stakes decisions in the entire selling process. Price it too high, relative to what comparable homes have actually sold for, and a listing can sit and quietly lose buyer interest. Price it without enough supporting data, and a seller may leave money on the table. Comps replace instinct with evidence, and they give both the seller and the agent a shared, defensible starting point for the listing price.

Buyers are looking at the same comparable sales, whether they realize it or not. A price grounded in real, recent, nearby sales can hold up better under scrutiny than a number pulled from a feeling, though results vary depending on property condition, timing, and market activity. No specific result is guaranteed.

What Comps Can’t Tell You

Comps are a strong starting point, not a finished answer. They can’t fully account for a property’s unique upgrades, a buyer’s emotional response to a home, or how competitive a specific week in the market happens to be. Results vary by property, condition, timing, and how many active buyers are shopping in a given price range at a given moment. That is part of why comps are typically reviewed alongside current active listings and pending sales, not viewed in isolation.

Frequently Asked Questions About Comps

How many comps does an agent typically use?

There is no fixed number. Matt Cheney generally looks at a handful of the closest matches available, often somewhere between three and six, though the right number depends on how much recent, comparable inventory exists in a given neighborhood.

Can I look up comps myself online?

Public sites can offer a rough starting point, but they often rely on incomplete data and automated estimates rather than a full picture of a home’s condition, updates, and true sale terms. For an accurate, current picture specific to your property, it’s best to reach out to Matt Cheney directly.

How far back do comps go?

Generally, the most recent sales carry the most weight, since they best reflect current market conditions. Older sales can still add context, but they are typically framed as historical reference points rather than the primary basis for today’s pricing.

What if there aren’t enough recent comps in my area?

In lower-inventory pockets of the DMV, this comes up often. When recent, directly comparable sales are limited, the analysis may expand to a slightly wider radius or timeframe, paired with a closer look at current active and pending listings to fill in the picture.

Comps are, in the simplest terms, the neighbors quietly setting the market, and the job is knowing how to read what they’re saying. If you’re curious what the comps in your neighborhood actually say about your home, contact Matt directly at mattsold.com for a current, personalized market analysis. You can also explore recent sales and market insights at mattsold.com to get a sense of how comps play out across DC, Maryland, and Virginia neighborhoods.