Price Discovery Range Calculator

No single comp gives the 'right' price. Median ± stdev defines a supportable band. This calculator builds the range from up to five comps.

Comp 1

Comp 2

Comp 3

Comp 4

Comp 5

Median

$295,000

Mean

$294,000

Standard deviation

$12,806

Low band (-1 stdev)

$281,194

High band (+1 stdev)

$306,806

How the math works

Price band = mean ± stdev. Covers ~68% of distribution. Within band = supportable; outside = needs explanation.

Use median for central tendency (robust to outliers); use mean/stdev for spread. Both together tell the full story.

How to Use

Enter 5 comp sale prices per SF (or per door).
Read median, stdev, and band.

Frequently Asked Questions

How many comps?

3-5 minimum for statistical validity. More (8-15) for institutional acquisitions. Each comp should be <6 months old, similar class, within 1-mile radius for multifamily, 2-mile for retail/office.

What's 'reasonable' range?

Within 1 stdev of median is typical. Properties outside this range need explanation — superior location, recent renovation, distress, etc. Institutional buyers stay in tight bands.

How to adjust comps?

Use Comps Adjustment Calculator for structural adjustments (unit mix, amenities, age). This calculator handles the statistical distribution after adjustments.

What does competitive benchmarking look like?

Pull 3-5 comparable properties or units in your submarket from CoStar, Yardi, CIM, or your local broker. Normalize by unit type, class, and age. Your outputs should fall within one standard deviation of the comp-set mean. Outliers are either opportunities or warning signs — dig into why. Monthly benchmarking keeps your portfolio on-market and pricing sharp.