I have only one data point to go by, and that's from memory, but I'm not so sure about what you're saying.

The house I grew up in is a raised ranch ("high ranch") in a suburb within easy commuting distance to Manhattan (Rockland County, NY). My parents bought the house in 1969 for $40K, which seemed high to them at the time. Right now it probably fetches $450K easily, in this arguably inflated market. But I remember conversations from the last '80s where the house was thought to fetch $350-400K. The price dropped a bit after that period, and then went back up.

Maybe my memory is faulty. But I do remember a period in the "go-go" days of the waning Reagan Era where prices in that area were quite high.