The housing market down here is going crazy too.... We looked for 2 years and were always outbid. We purchased our house in Feb 2020, right before Covid hit. I would have NEVER gotten this house except that our realtor knew the seller so we had a heads up before it actually hit the market. However, the seller was going through a divorce so we had to wait a year before we could actually close. It was hard to wait, but I am forever grateful...
My DH has to approve septic permits for the Dept of Health so he sees a lot of new construction. He was telling me the other day that small houses around 1500 SF were appraising for $300K - $450K! That's INSANE for Arkansas.... These same houses were selling for $165K-$175K just 2 yrs ago. Of course, our county is taking advantage of the craziness. They just did a countywide reappraisal for tax purposes. My property taxes DOUBLED.