Homes near the urban core have not always been the priciest homes in the region. NE Portland just 15-20 years ago had nearly 2,000 abandoned homes. This had little to do with buildable land.

Historically black neighborhoods are changing because of a reignited interest by those with money to live closer to the urban core. The market affordable rental housing, once found in abundance close in, is moving to the suburbs.

You fail to acknowledge that people's interest drive a market as well--and I believe that interst is what's inflated much of housing nationwide. Not just buildable land.