Real estate is a special market and the regional difference of which is obvious. There is a large difference between the Chinese real estate markets and the Western real estate markets. Many scholars study the wealth effect of the real estate by the quantitative analysis, but their study has a lot of controversy and it is difficult to get a consistent conclusion. Based on the empirical analysis of a large number of data, this paper compares and studies the wealth effects in different province. And the result shows that direct wealth effect in most of the real estate markets of China hasnÂÂt appeared, while indirect wealth exists. Finally, the paper gives a corresponding explanation of it and puts forward suggestions according to ChinaÂÂs current situation.