Comprehensive analysis is made about the factors that affect the Real Estate price. Main factors are summarized such as supply and demand, economy, cost, administration, society, environment and others. Because it is difficult to quantify the influence of social, administrative and other factors, factors such as supply and demand, economy, cost, environment are considered as main target of our study. Based on the data between 2000~2004 in Shenzhen, Grey incidence analysis is made about the main factors influencing the Real Estate price, which are given as results: The construction level of municipal infrastructure, consumption level per capita and cost of housing are principal factors that influence of the Real Estate price in Shenzhen, secondly land price, income level per capita, population size and dwelling level per capita, etc. again speed of economic development, price level and supply level of housing, etc.