It depends on the area. My aunt and uncle in Dallas live in a house from the 70s. Three bedrooms, three baths, maybe 2200 sq.ft. They paid, I believe, $800K for it in (roughly) 2015. Many houses in the same neighborhood are of similar vintage, but the asking prices have only gone up. Values are inflated partially because a lot of buyers have the money to tear down the existing structure and build a McMansion in its place. There are dozens of them in the neighborhood.