Which house in a neighborhood of three identical houses sold for the least when demand is stable?

When analyzing the selling prices of identical houses in a neighborhood under stable demand conditions, it's important to consider various factors influencing market dynamics. The first house sold typically represents the initial selling price in the market. This price may be lower than subsequent sales due to several reasons.

One reason might be that as the first house sells, it sets a precedent for pricing, and subsequent buyers may negotiate based on that initial sale. Additionally, the first house may sell before other comparable houses are listed, which could be perceived as a lack of competition at the time of its sale.

In a stable demand environment, the timing of the sale can significantly impact the selling price, with the first house often being sold at a lower price due to market entry conditions and perceived value by buyers. In contrast, the later sales can benefit from established benchmarks, resulting in higher selling prices as buyers have more data to assess value.

Therefore, the first house in such a neighborhood scenario likely sells for the least, establishing a lower baseline price before the additional inventory enters the market.