Is it a bubble?
The real value of a brick
To be supremely unemotional, a house or home can and should be considered a money-making asset to avoid overpaying & all associated risks.
The most comprehensive set ideas of how to value such assets has been developed in connection with the stock market. The value of a share is its Net Present Value, i.e. the value of all expected future earnings from the share, discounted for risk, for financing costs, and for time-preference. Since no-one knows what the risks, etc, are, stock analysts fall back on rules of thumb: