Oversaturated Real Estate Market?

[Blaine Brown]

We listed a property a month ago, at approx 60% over what we paid for it new in 2017. Someone else in the neighborhood just listed their home, same model/floor plan, smaller lot (by over 1,200 sqft), but they listed it about $15K less than we did. We found out that another neighbor will be listing the another home, with all the same specs, same model/floor plan, plus their size lot is comparable. We dont know what they're planning to list that home, but my concern is that if they do list their home less than ours, then ours will sit longer, and/or force us to lower the price.

The other property listed their home today and they have an open house this weekend. Is it in poor taste if we lower our price to just below their asking, on the morning of the open house?