Housing market

Not sure what the data says but it seems like there are a lot of houses on the market, with many sitting 40+ days. Does it feel like a housing market correction is coming?

Some of these homes are trying to 2-3x price since 2020. Some of these were purchased for $20k in 1979, look like they've barely been touched and now are for sale for nearing $1m.

There can't be that many high income folks constantly moving in to sustain this? Especially with 7% interest. Maybe I'm missing something though. Is it retirees?

Edit: appreciate the nice conversation about this. There's so much up in the air for a lot of us and personally we're trying to start a family so a home in a good school district that can sustain us the next 10+ yrs is on the list. Do we wait out the market or is this the time is one of the million things on my mind.