Age and lot size explain most of the gap, since an older neighbourhood's homes typically carry original systems and unpermitted updates accumulated over decades, which public records and online estimates cannot see and which pulls value in either direction depending on the home.
A lower price in an older neighbourhood is not automatically a bargain, since inspection and repair costs can offset the savings, and a $400 to $600 home inspection is the only way to know which side of that line a specific house falls on.
The cheapest neighbourhood on paper and the best value for a specific buyer are not always the same answer. Get your hand-reviewed valuation from Joel Dyck.