Why the asking number should be intentional
If you are trying to understand whether Troy, MI is a place to price boldly or cautiously, I would start with the current spread between list and closed numbers. Last month, the median list price was $484,900 and the median sold price was $426,920, so the asking number needs to be chosen with purpose.
Last month, the median list price was $484,900 in Troy, MI. I see that as a reminder that buyers are comparing homes against a fairly firm asking environment, not just grabbing the first thing they see.
For a seller, that means I would avoid guessing at the number and then hoping the market fills in the rest. I would build the price around the home's condition, presentation, and position against the competition.
Start with the number. Make the home support it. And watch the first response closely so you can adjust before momentum slips.
