The difference between home values located in the same area is comprised of a number of different factors. Since real estate is about location first you will also see varying degrees of the quality of a neighborhood within a location, quality of life, size of the home, materials used to construct the interior and exterior and amenities both in the home and in the neighborhood. With this in mind you can very well see the difference of house values within a location and they will vary in price starting with small and then even greater price comparisons.
Don has already hit on a couple of factors in his answer like the quality of schools, the square footage of the living space i.e. finished basement and then land size and upgrades in the home. To add to these are the age of the home, exterior finishes such as brick verses other materials are at the top of the list too, the amenities near the home such as easy access to shopping, restaurants, parks, conveniences and these days you may even be asking "How far is the nearest gas station"?