On the other hand, some folks just don't like living in higher density neighborhoods. I can empathize with someone that bought a single family home decades ago, probably can't afford to buy a new one today even after selling it, and doesn't want to see their quiet neighborhood turn into a bustling urban environment.
As an example, my parents live in the suburbs of a midwestern city. It's almost entirely residential single family housing, with a downtown business district that sprung up along a rail line 100 years ago. The city has major highway access, but not close to the rail station.
There are plans to build a 400 unit apartment complex adjacent to the downtown area. Even with light rail to/from the major city, you still need a car to get around. Current residents are naturally livid that their quaint downtown they enjoy is going to change, and the streets around it that weren't designed to handle the daily commutes of hundreds of people are going to have far more traffic and road maintenance.
It has nothing to do with home prices, and everything to do with maintaining the community experiences that they bought into, sometimes decades ago.