Abstract
In this study, the market fundamental price of house price was estimated from August 2001 to April 2022 in based on the present value model and compared with the actual house sale price.
 As a result, First, the pattern of the difference between the actual housing sale price and the market fundamental price of each model was similar in other regions except Incheon, and although it was not exactly the same, it was divided into four periods. Second, The market fundamental price of houses estimated according to the three models showed different volatility by period and region. Third, the estimate of the third model showed less volatility compared to the estimates of other models and closely followed the actual apartment sale price. Fourth, Factors the interest rate and rent growth rate which are factors constituting the market fundamental price had different effects depending on the period.
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