That is because the internet is what largely has made real estate more valuable.

In pre-internet times, people shared real estate. Bars, restaurants, church, etc. Their discretionary income went into the fees, offerings, etc. to make these places comfortable. With the rise of the internet, people started preferring to stay home to use the internet. All that discretionary income once spent on fuelling those third places is now competing for each own's individual domain, thus driving up the price where individuals are found.

Two years of COVID exacerbated things because even those who still got out of the house from time to time were forced to stay home, so what remaining money was still funnelling out to activities outside of the home was entirely redirected into individual real estate.