Most housing stock isn't competing with new builds, but with existing stock. Your valuation is related to where in your market your price point is. In ROC, the houses in the 200-350 range in established neighborhoods/suburbs are selling quick. A cookie cutter mcmansion in the boonies at 1.8 million is a tough sell because of the likely assessment, mortgage acquisition, massive taxes and the fact that it is larded up with features (indoor basketball court, indoor pool, yet only 4 BRs), that few buyers are interested in. There are available houses on the same street with as much living space and similar acreage at a much lower price.