The purpose of this study is to identify the spatial pattern of housing prices and its determinants in Seoul and its neighbor towns. It is to analyze the influences on the sub-markets based upon multiple linear regression equation and disequilibrium model of supply and demand. The result shows there is a significantly different pattern in the segmentations of housing sub-market between when the market is segmented based on the change rates of housing price and when segmented based on absolute housing prices themselves. The housing price change rates varies with chonse price index and the amount of total currency, permitted floor areas, stock price index, and yield on 3-year corporate bond. The more apartment units are built in the region, the lower the housing price change rate is shown. Hence, more provision of housing units can reduce the instability of housing price changes.