A socialist view (don't worry, it's coming soon).  And of course you are only looking from the point of view of someone who's outside the market and buying in - what about the other side, the sellers who bought low many years ago and are now cashing in?  Or their heirs?  It's awesome for them.  Millennials keep telling us that modern tech means you can work from anywhere, so why don't they just live in cheaper towns?