Why real estate price have sky rocketed?

I’ve noticed that over the last few years, real estate prices have been skyrocketing at an alarming rate. It’s becoming nearly impossible for low-income individuals to afford even a small piece of land or property. This trend doesn’t seem to align with the rise in income per capita, which hasn’t increased as dramatically as property prices have. I’m curious — why is this happening? What factors are driving real estate prices so high? And how are people still managing to afford homes in this market, especially when wages don’t seem to be keeping pace with these price jumps? Would love to hear insights from anyone with knowledge in economics, real estate, or finance.