I work exclusively with buyers. So, I am not celebrating the rising prices and high demand. However, in metro Boston, high demand and lower inventory is the reality. 

High demand includes urban living areas. I disagree that people are "leaving metro areas". That is a huge overstatement. What I am seeing are buyers who want more space, inside and out, so that they can weather a pandemic or work from home for long stretches. Many are still choosing city life, just one with a home office space or a private outdoor space.