Massively annoying to hop on Zillow and see how many homes sold for $N in '20/21 get re-listed for $2*N a year later. But you're likely right though. It'd take a depression to reset anything back to '19/20 pricing now that everyone got addicted to listing their homes for 2x the $/sqft and being rewarded with people throwing cash offers in their face with no inspections.
And it really isn't going to get better. You've also got cash flush boomers making their economic exit to retirement-land who will continue this problem.
Massively annoying to hop on Zillow and see how many homes sold for $N in '20/21 get re-listed for $2*N a year later. But you're likely right though. It'd take a depression to reset anything back to '19/20 pricing now that everyone got addicted to listing their homes for 2x the $/sqft and being rewarded with people throwing cash offers in their face with no inspections.
And it really isn't going to get better. You've also got cash flush boomers making their economic exit to retirement-land who will continue this problem.