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It is a bubble, and we don't have to go to extremes.
https://www.trulia.com/home/8132-brinegar-cir-tampa-fl-33647-66670152
This house was on the market for $270k, suddenly it's vacant and going for $575k. Likely the owners couldn't keep waiting and sold it to a company that put a fresh coat of paint on it and ballooned the price. It's still not close to $1, and to pretend like you can't get a decent house in Tampa for less than a million is just apologizing for rich people.
That's not even in town, New Tampa is technically part of the city but way north, past parts that are unincorporated and farther than Temple Terrace.
We bought our house a few years ago for nearly 300k, and I was so upset because I thought we were at the top of the bubble then. Like, there is no way a house is worth that, it's insane. But now a smaller house on our road wants $600k (new coat of paint, as you say) a literal empty lot sold for more than our house cost, and they are building horrifying monstrosities like this, it's so ugly!
https://www.zillow.com/homedetails/1808-W-Erna-Dr-Tampa-FL-33603/2052977072_zpid/
I am old enough to remember 2 crashes, one I bought my first house, a shithole but so cheap, and then the bank bailout crash. What goes up comes down, and it always begins with the 'we will buy your house' flyers in the mail and people saying real estate always goes up.