I don’t see that much “crowding”, except in places where supply has been artificially restricted. Also, unlike stocks, prices are driven by assessments, which change slowly.

Buy if the numbers make sense — if mortgage payments (i.e. principal + interest) are say 5,5% or 6% of the property value, you can lock a rate for 30 years, and the cash cap rate is 7%+, then by all means… If cash cap rate is 4% and you’re not paying cash, then forget it.