Fair enough. Decent analogy, but not quite to the point. Land prices are adjusted over time due to quality of land, location, and surrounding. Domain prices are all relatively the same price new, but theoretically the next day someone can turn around and sell a new domain for tens of thousands of dollars.
If you're doing to make the real estate argument, then new domain purchases should also have variables pricing from the same domain provider such that somekeywords.com is more than gobblygook.com, don't you think?
Unclaimed domain names are like parts of the wild west handed out to early claiments, they all had the same value/acre (=almost nothing).
Then when a city had been built on them (=you have a brand) then the price goes up. Even if the owner didn't do any work to build the city, having an empty lot in the middle of it is still valuable.
If you're doing to make the real estate argument, then new domain purchases should also have variables pricing from the same domain provider such that somekeywords.com is more than gobblygook.com, don't you think?