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Imo, yeah, probably. Home prices are fucking divorced from reality, but anyone telling you that we're in a housing bubble is selling you a bridge. We basically stopped building housing in 2008- that's almost twenty years now you ancient millennial* fucks- and what housing has been built has been small batches of single family homes where they don't build more until that small batch sells. On top of that, you've got housing having been transformed into an investment (read that in a tone of disgust, please) with vacation rentals, REITs, and the landlord hustle further restricting supply. All that to say that the big fundamental difference between 2008 and now is that we're massively short on supply. For there to be a price crash, we'd either need people to just stop needing a place to live on a massive scale or we'd need to start plunking down a commie block in every small or larger city a week for years (spoiler alert, not gonna happen)
I'm working with Strong Towns and some other groups trying to push the city to build a lot more housing and make our city more affordable to live in by breaking car dependency. With any luck, we'll be able to unwind the absurd price of housing over years. I'd plunk down commie blocks of I could, but I can't, so slowly deflating home prices over decades is the most realistic thing I can probably hope for. In other words, if you do buy, you're unlikely to end up underwater by much.
* Am a millennial, am old fuck