To buy my 275K house in Apex NC it will now cost you 450-525K. I’m sitting on my suburban investment!-)
Prices go up .. and they go down.
Maybe not right in your particular neighborhood, but ones nearby can change pretty quickly ... 10 years or so. And that affects a larger area.
Yeah, just wait until Obama’s HUD muscles a bunch of Section 8 housing units in there.
I bought in Holly Springs about 10 years ago, fleeing the real estate crash in another state. It followed here, and I was down almost $50k from my original purchase price. That rebounded recently and I just sold a bit higher than what I paid for it (improvements not included).
See a lot of New England folks who are selling at a premium and moving down here (NC) with enough to pay for their homes outright, but that is only driving RE prices up as well, especially with the hot market it generates.
Moving out to the country now, but have a feeling echoes of 2007/2008 is about to appear again, and want to be in a paid-off home before it happens... Fighting to find a house that fits all my needs (had 3 yanked out from under me with cash offers, and am fighting for the 4th. Yes, hot market now, but...
good luck!