"What's going to happen to the real estate market in the next year, how about next 5, or 10 years?"

Focusing on Silicon Valley and the Bay Area...

My prediction is home prices will go downward for the next two to three years due to the housing boom the last few years where demand and supply not increasing at the the same rate has caused prices to rise rapidly. Prices are so high no one can afford a descent home. This will lead to lower demand and a drop in prices. Moreover, we need to look at the whole state of the economy where inflation is on the rise and the federal reserve has taken a stance of tightening monetary policy making it harder for people to finance their purchases which in turn will decrease demand.

In the long term such five to ten years you going to see an upward trend in home prices going steadily higher not a huge jump in the last ten years. Home get smaller and be built vertically meaning more floors such as town homes. Condos and town homes will be more prevalent because there is lack of available land.