CA (where real estate exploded) is a niche market. It's great if you happen to live there. Most people can't identify a hot new real estate market and then upend their life to move there. There are plenty of years and locations where real estate actually decreases in value as well.
If you are moving into a new house every few years that is particularly terrible, because you are throwing away a ton of money in closing costs and selling fees.
Calling California niche isn’t accurate. I don’t live in the Bay Area or LA. It’s a significant population of the country. Aside from that, low interest rates have seen many places throughout the country see home values double, or more, over the last 10 years.
If you are moving into a new house every few years that is particularly terrible, because you are throwing away a ton of money in closing costs and selling fees.