This is it, and it’s been happening for years. I had a new home built in 2021 and it’s already appreciated by 25%, and periodically been valued even higher than that. I’m not selling, but that still seems crazy to me.

Bonus points for the fact the newly built home and land purchase were about the same cost as it would have been to buy an old run down home in the area that would have needed a ton of work and updates. Free people seem to be building new housing, which in conjunction with the corporate housing acquisitions is driving prices way up.