There are a lot of places in SV that literally haven’t been seriously renovated since they were built in the 40’s and 50’s going for $1.5M+. 0% interest rates along with NIMBYism and high tech salaried have seriously inflated land prices in CA, at least. I think the first two factors have had a more universal effect, and just multiply the locally available salary range to yield the limits of purchasing power, which becomes the market clearing price of the local homes.