Why is the price of real estate rising so dramatically?

147

Why is the price of real estate rising so dramatically?

@Buttflapper to

No Stupid Questions • 2 months ago

I stayed at an Airbnb recently And I was curious what the actual value of it was so I looked it up on Zillow. Sold in 2015 for 350k, sold again in 2022 for $750k, now listed for sale 1.2 million. It’s a cabin in North Carolina, literally nothing special. I remember back before 2020 there was tons of mountain and cabins and homes and stuff like that anywhere from 2:50 to 500K. Now you won’t find a single one less than 800k…

Regular homes are just as bad. I’m seeing homes in my area that sold for around $200 to 300K in 2019, now they are 500k and above. I don’t understand how this makes any sense? Salaries were not doubled, but somehow the price of all homes are now twice as much. Is this some sort of cost fixing scheme by the real estate industry to just drive up the price of homes and double them or something? Because it doesn’t really make sense to me I guess.

Chat

@hitwright
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6•2 months ago
I guess it’s by country basis. A lot of places have negative population growth yet the prices skyrocket. It does make me think what is the actual reason in those places
- @[email protected]
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  fedilink
  1•29 days ago
  What’s an example of such a place?
  - @hitwright
    link
    1•28 days ago
    Japan and EU first comes to mind

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