Depends on where you are, I guess. My fiance put his house in SE London on the market and fifteen minutes later, the phone exploded. We had NO idea property was so scarce in our area. I don't know if that means we underpriced it, too, but the seller of the house we want to buy is so hot to trot, we're going to have to grit our teeth and take the best offer at the end of the week (the estate agent counseled us to get bids for a month and take the best one, but we're afraid we haven't the time).
My house in the States hasn't gone on the market yet, and I doubt the story will be quite so happy. Though it's an entry-level sort of house, and those are always scarce.