Yes, 1911s tend to be more expensive than other models.
Keep in mind that the basic design is nearly 100 years old. It comes from the days when automation was expensive and labor was cheap. Now that situation is reversed. The 1911 requires a fair amount of hand fitting by qualified people in order to work properly. It has a large number of small parts. It is an all metal firearm that requires quality steel and final machining to shape.
Labor costs money. Newer designs with completely interchangeable parts that don't require a great deal of finish work are much less expensive. Compare the 1911 to other all metal guns of good quality (Sig comes to mind) or other guns that require extensive hand fitting (revolvers) and you'll see that they aren't too far out of line. When you can take any in spec barrel, frame, slide, and lockwork and slap them together, you get a less expensive gun than one that requires frame and slide fitting, barrel fitting, and lockwork custom fit to every example.
1911s made out of less expensive castings with overseas labor (Rock Island) can be perfectly serviceable for less cost. Ones made of top notch forgings with a great deal of attention from highly qualified American gunsmiths will be great guns, but you're paying for the privilege.
I love the 1911; it is my first choice among all handguns, but I am not blind to its faults- it takes some skill to put one together, and that drives up the cost.