The optimal market value of a private house consists of intrinsic value and bubbles. It has characteristics that change over time and will be stable over the long term. Assuming that the optimal value is a rental function, the nature of the optimal value can be analyzed through research on the factors and variability of the real price considering the consumer price index. First, The factors of real estate change were estimated in consideration of real estate rent, demographic aspects and variables, unemployment, income variables, real estate consumer sentiment, monetary policy and real estate policies. Second, the effectiveness and volatility of monetary and real estate policies were analyzed based on the relevance of the sale price and the chunsei price. The cost of housing services should be viewed in conjunction with a value perspective, rather than simply a cost-based approach of rising housing costs. and What the study suggests is that it understands the process of value changes in the housing market and hopes that research on causes and characteristics will help policy.