What everyone else has already said.
Supply and demand play a big role in the price of everything, including real estate. In my particular area (San Antonio), the economy and therefore the population is booming. But due to the availability of land and the unprecedented growth of new subdivisions, the supply of housing is pretty much keeping pace. For example:
Eight years ago we moved to a low density rural subdivision outside San Antonio. On our drive into "the city", it was 15 miles until we reached the first high density development. Today we reach the first one after traveling six miles, and there are six more between that one and what used to be the closest to us. And that's just what fronts the highway. Behind them are more than a dozen other new developments, including a Dell Webb Geezer Farm (apologies to all my fellow geezers out there). According to the local news, there are more than 15,000 new homes planned for this area over the next eight years.
I'm sure it will come as no surprise that the leisurely drive to the city on a two lane road is becoming a traffic nightmare.
73ss, now you know why real estate is undervalued and why I strongly discourage anyone else from moving here. Have I mentioned the rattlesnakes, scorpions, ...