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"A little high" is a bit modest I would say. It's batshit crazy. If you want to have a good laugh, look at this farm which they are trying to sell for $500.000. And there are more examples like that. For example, a studio from 1968 for $90.000
And just to have a full picture, the average net salary is around $1.200. Of course, the real-estate market is next to dead. Wonder why.
The situation is similar in the whole Eastern Europe. It seems to have something to do with transition from "public owned" to private owned. See, back in the times of socialism you didn't rent the apartment, as it was "owned by the society". Which meant you got it from the company where you worked (also owned by the society) for a few bucks per month. Then in the early 90s, when we started the transition to capitalism, people who lived in the apartments could buy them on the cheap. You could get a flat for something like 5k euro. The consequences are quite interesting, as people of course swapped apartments for houses - they would sell the apartment, buy the house and borrow for the price difference. I think this was the driver of the bubble, as people could sell houses for as much as buyers were able to borrow. Their buyers were again swapping smaller appartments for larger and so on... it kindof worked until the market run out of first time buyers who could buy a studio for 90k
I'm telling my wife it's not us who's crazy because we rent. Everybody else buys, because "rent is throwing money away". So we have friends who have children and live in a single bedroom apartments, in debt for the next 30 years, but "they will someday buy something bigger". They fail to see that their asset value is just going to go down (the apartment building are quite old, from 60s to 80s) and that their income is not getting any higher.
An interesting economy to observe.
I'm not sure I could get a visa or a green card :-/
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