Yes. Real estate is a bubble, because people use it to escape inflation.
On a Bitcoin standard they will buy BTC instead of building real estate portfolios. More people will be able to afford a house when they're cheaper.
Real estate goes up when interest rates are low, which on a fiat standard means more borrowing, and crashes when those go up (less borrowing).
Also, as BTC value goes up, house prices will go down in nominal (BTC) terms.