Certainly, with an asterisk. That asterisk is that your thoughts are urban-centric. Right now there is a vast amount of very cheap land available in the US. So desperate are some areas for people and development, that you can even get free land if you promise to build (or park) a home on it. There are even multi acre lots given out by the government at places like Cuyahoga Valley National Park [1] for next to nothing.

You can't get much cheaper than this. When people talk about the rise in housing prices, it's invariably speaking of not only the most populated, but also the most economically prosperous and desirable areas in the country. And in these places - no, housing and land prices will likely only continue to increase as demand is unlikely to waver anytime in the foreseeable future, yet supply is strictly limited - even when expanded.

[1] - https://www.nationalgeographic.com/people-and-culture/food/t...