the issue we're seeing locally in Sacramento (your market may vary) is that there's still a lot of Bay Area WFH salaries moving our way that outbid us, and the house flippers are most definitely still in the market. Our local salaries in healthcare haven't been adjusted, and at this point, we're basically screwed. :/ I can't pull another $100k out of a hat.
However, there's always a delay as sellers refuse to admit what's happening, and so supplies grown and sales plummet until the prices adjust.
Bad news: the monthly payments may remain the same.
Continue to collect cash and keep an eye out.
If it wasn't, then you wouldn't have so many companies whose financial "ballast" so-to-speak driven largely by dirt, like McDonald's as a famous example but this is far more prevalent in business than you'd think if you haven't been around lots of businesses.
Stack on all the structural advantages conferred to real estate asset characterization and outright subsidies, and it isn't surprising that dirt pricing follows more of a subsidized pricing behavior than an open market with rapid value and price discovery.