Already falling in some areas

Cool. My property taxes will go down then too.

Unlikely in the short and medium term.

Supply is at all time lows and critically constrained by interest rates too. Prices have come off the euphoric top 2 years ago but I know 3 millennial couples who bought homes this year. I know others who are looking to do so within the next year or two.

Houses are widely considered the safest “investment” by boomers, gen x, and millennials. It will take many more years for reality to undo this way of thinking.

People also think massive debt is fact of life and are willing to rack up 500k+ mortgages bc “that’s just the way it is.” type sentiment.

Real estate in nominal terms will continue to reach several new ATHs (imo) over the next 5-10 years because it is an objectively better option than holding cash, bonds and arguably stonks. Houses have become a form of money for high earners and it will take awhile for trend to reverse (even though RE is bad money).

When rates go back down RE will enter another massive bull imo.