I would build the price around recent closings, then test it against current competition.
If you want to avoid the cycle of listing high and chasing the market down, you need a pricing plan that starts in the right place. In Troy, MI, I would begin with the typical closed price of $400,000 last month and then adjust from there based on your home's position against active competition.
Active homes in Troy, MI were typically priced at $454,995 recently, while newly listed homes came on at $393,500 and pending homes sat at $416,802. Closed sales, however, settled at a typical $400,000, with offers coming in at about 99.5% of asking.
That tells me buyers are not ignoring price. They are paying very close to ask when the home is aligned correctly, which is exactly why I do not like casual pricing decisions. For an owner planning a right-size move, wasted market time can disrupt both the sale and the next purchase, and active homes already showed a typical pace of 45 days compared with 15 days for completed sales.
I would identify the closest closed competition first. Then I would measure whether your home deserves to lean toward the active range or stay closer to the recent sold range. Finally, I would make sure the condition, photos, and showing readiness all support the number you choose. Price and presentation have to agree.
