[FMCoug]

Of course it's supply and demand. But you're oversimplifying the lack of supply. Most of the cities with the highest real estate prices are out of room to expand, either because they are hemmed in by geography (Seattle, NYC, San Francisco) or they have alredy had so much growth that the buildable land is too far away (L.A.)

Places like Dallas are cheap because there is so much supply via new building.