I guess maybe it could look like even more inflation? If inflation goes up enough and wages mostly keep up, housing could become relatively reasonably priced again.
It’s not inherently a bubble because it’s driven by demand far outstripping supply. It may prove to be bubble-like if:
A) Some significant % of homeowners see salaries reduced enough they can’t keep up on payments.
B) We suddenly start building massive amounts of additional housing units so a larger % of the population can own/rent a home and the price drops to match the lowest income that still outcompetes the rest of the non-homeowners / non-renters / uncomfortably sharing renters.