[disgruntledphd2]

I think that property prices in Ireland, the UK and the Netherlands provide a neat counter example to your point.

[vineyardmike]

Obviously not a fair example.

Housing isn’t really a “market” that can be efficient at pricing in all information because it’s different for everyone (relatives, taxes, jobs, immigration, race, etc).

The places you listed have milder weather, and far less sunshine than most of the US but they also have hundreds of years of extra history and development. Moving from the US to there has far higher friction cost than moving between states.

[fortuna86]

Housing prices everywhere have gone up, just not at the same rates. You can still find reasonable housing outside London, Dublin, etc.

[disgruntledphd2]

Outside London yes. Outside Dublin not so much, unless you want to live on the other side of the country.

[TheCoelacanth]

All three of those have much milder winters than the US Midwest does.