RicodJour wrote:

Unless the new house is in some wacky area and there was a wacky buyer
who overpaid, or unless the entire market is taking a downturn, new
houses and old houses go up in value at roughly the same rate.
Otherwise, an old house would be way more expensive than a new house -
and they're not.

In my area the older houses are sold as "tear-downs" and sell for a bit
less. The real cost is in the land. A $300K house on a $1.7 million lot
costs $2 million. A $50K house on a $1.7 million lot costs $1.75 million.