The hedonic price model, originally developed in the late 1930s, has been widely used to study housing markets. By combining consumer theory and theoretical models, researchers have been able to analyze the factors influencing rental and house prices. Previous studies have looked at how the physical structure and location of a property affect its price. Comparing the hedonic price model with the repeat sales model has helped identify their strengths and weaknesses. Future research should focus on further evaluating the repeat sales model and other pricing models.