Doubling or even tripling in ten years is not a ridiculous rate of growth.
That's far beyond the rate of inflation. Unless there are significant improvements to the house or the surrounding area, the value of house should not rise faster than inflation, at least not by some significant margin.
What does "should" even mean here?
It is ridiculous for a home owner to expect the value of their home to rise faster than inflation by a significant margin without there being massive improvements to either the home itself or the neighborhood.
And skyrocketing housing prices means the rich get richer while utterly fucking over the young generation and locking them out of home ownership as prices rise significantly faster than wages.
So, you know, ridiculous.
It also seems to be finally hitting a wall post COVID.