With respect to depreciation they are quite comparable. Deprecation is just the reflection of the remaining lifetime value of something.
And the remaining lifetime of a home kept in good condition could be many generations. Where with a car... you could pass that gas guzzler to your kid, but that's about it.
In fact, homes can often be renovated to extend their original life far beyond even a few lifetimes. This ignores any upgrades that increase the value (i.e new pool, deck, etc.)
A home in good condition has approximately the same remaining lifetime value as a new home, so that stands to reason. Not to mention that with ever more stringent building codes, new construction cost has gone up, up, up. The used market always follows the new market.
Right, so it wouldn't be depreciated like a car (which loses value to nearly nothing at the end of its usable life).
Land does, but that’s independent of the home. I mean, they are usually sold together, but the buyer will determine their utility value independently. Two identical houses will not fetch the same price if one of them sits on more desirable land.
That's my point, though. When you invest in a home, you are also investing on the land it sits on. So you're free to sell the home AND land, or just the land, if you like. It's rare to see just a home (without the land) being sold.
In your example, the homes are still the same value, only the land changes the sale amount.
There's no reason why either home would depreciate in value like a car, and the commenter has yet to expand on this idea.