I live in an out-of-the-way area of the Arizona desert. I don’t follow the local real estate market at all and have no idea if the value of my little hut is going up or down. But I have noticed a number of people, usual young or middle-aged couples, buying parcels of land — five or ten acres or more — and homesteading. Most live in RVs with plans to build something more permanent, often “green” construction of some sort. It’s lovely out here.
An acquaintance lives in a nice middle-class residential neighborhood in Palm Springs. She regularly gets calls from realtors asking if she has plans to sell. She’s not ready to make a move yet, but in the meantime she marvels at the $500,000+ prices her neighbors are getting, often above asking price.