Value is determined by supply and demand, since supply is unchanging in real estate then the value is largely is going to be determined by demand so if a large portion of society does not want to live in a particular area then of course the value is going to drop. If you want to attract people to a certain area you will have to do 1 of 2 things: make the area better to attract potential buyers, or lower the price.
Multiple Things To Think About
Another thing i think people over-look... is the massive volumes of "cities" across this country, that "no longer have multiple major industries" within them... Resulting in people being led to work at "low wage service level jobs".... that does not pay enough to buy a home, and other who may have a home they previously bought when there was industry, no longer have income that supports the "maintenance cost up keep those homes serviced and up to quality standards".
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I watched even in California, communities fall... not because of white flight, or well to do black flight... but because the AeroSpace Industry Left... I watched in the 1970's the exodus of GoodYear Tire Plant, and Firestone Tire Plant... simply "close"!! and devastated communities that were once "well kept". I watched small "foundry's" close or go out of business.... then we all saw during the 1980's every kind of category of "repair shop" one can think of that went out of business, because of "disposable products".... Even Sears use to have a robust "Repair Service Business".... and then there were auto makers... who once made a standard within their business model, to sell "replacement parts" that was a standard part of all auto manufacture for many decades.
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I've watched "gentrification" come and 'retake communities" and elevate the home pricing beyond the reach of even the people who still live there, who could not afford their home based on what cost were elevated by gentrification.
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Sad things that hit some "retiree's" was the game of "Reverse Mortgage".... That is a scam that should have been outlawed before it was allowed in place.
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Some of did not know how well we had it in our youthful years... when the land and the home was paid for in "many small towns"... and during the 1970's and forward, many people left those small towns and some even abandoned the property and the structure on it.... only to find out 40+ yrs later.. They had what their ancestry worked hard to buy and own... There are people today, leaving big cities... and have to 'repurchase land" because they did not protect and retain the land, their family originally owned.
I think in the coming years... more people are going to move back to the "South"... because of the lower cost of land, and the cost of living... and more people in the south will come to realize the rich and fertile soils of the south, with natural rainfall... as being prime for "farming"....
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There are many black people who's ancestry owned a lot of acreage in various locations in the South... That land will increase in value over the next decade... the same will take place with many whites who left the south, some of whom left because they did not like the racism and prejudice that was common within their family... and they went away to college and wanted nothing to do with anything that reminded them of the race bias system and household some of them grew up in.
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In America... if people are truthful about their history... there are many white families that have black family members, and many black families that have white family members...
these 'DNA" programs that people use today.. are making much known to many, of which they have long been denying and some never wanted to know the real truth of their blood line and its ethnic mixtures...
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So... much is going to change in "every aspect of America"... as the "TRUTH" is being uncovered in ways that people can't deny, and those who try to deny it, will only make themselves consumed with the ignorance that denial invokes within themselves.