A Market Analysis focuses on a selling or asking price, whereas an appraisal focuses on the valuation of the property at the time the appraisal was done. Only state certified or licensed appraisers are allowed to do appraisals on a federally related transaction. Federally related transactions would be when a buyer is obtaining financing on a property.
Licensed real estate agents are prohibited from doing appraisals unless they can conform their reports to the Uniform Standards of Professional Appraisal Practice guidelines. Real Estate agents who do market analysis are not required to comply with the USPAP.
A Market Analysis will provide a range of values where the appraisal will determine a specific value. A Market Analysis will provide adjustments for major differences, whereas appraisals will provide several adjustments. Appraisals are only concerned with actual prices paid for a home where a market analysis will look at current homes for sale, pending homes for sale, expired listings, and closed sales.