This is often because of population demographics: Spain Was Just Named the Best European Country for Cost of Living (travelandleisure.com)
When your country’s population is decreasing, homes become surplus – lacking demand, they do not sell. Hence, the media meme of buying 1 euro old homes in Italy and sometimes other countries.
Decreasing population – and decreasing demand – leads to lower prices for everything.
The U.S., by comparison, is set up for constant growth. As we have fewer babies, we ramp up immigration. Population growth remain relatively constant for some time to come; by 2040, 100% of U.S. population growth will come from immigration as births – deaths becomes a negative number.
Here is an interesting summary of the cost of living by U.S. state compared to European countries: How does the cost of living in each US state compare to the nations of Europe? – Philomath News