Maybe. I don't think the trend towards urbanization is likely to reverse. Generally, for house prices to fall under the current system the area in which they're located needs to become almost unlivable. That's possible with depopulation since you might end up with not enough people to pay for utilities or upkeep of roads in which case the municipality may abandon large areas. Demolition of existing infrastructure and buildings to revert those areas to what could be used for a typical rural home with a large enough lot for well and septic would be quite expensive. I don't think it would be an option for most people or even desirable for those that could afford it.

We still don't have a good grasp on all the factors that depressed wages in the last half century, I don't think they are going to start rising due to a slow change in demographics. More likely people will continue to move where the jobs are and employers will continue to automate or outsource where it saves them money.

I'm also not sure this would mean less environmental impact since as the article states declining fertility rates coincide with increases in education and increased female participation in the economy which indicate an increase in the standard of living. Higher standard of living means more demand for luxury goods, personal transportation, larger houses, more varied diet and all the other consumer demands that drive energy use, construction, agriculture, and manufacturing making up the bulk of CO2 emissions.

> I don't think the trend towards urbanization is likely to reverse.

Except covid does seem to have reversed the move into cities. More people are now being allowed to work from home and we've seen that they're choosing less urbanized places to move to. Whether the trend out of cities continues after covid abates remains to be seen.