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This study uses the hedonic price model to examine the determinants of house prices. It employs kernel density to estimate the spatial weight matrix and conducts spatial econometrics and instrumental variables quantile regression analysis. Taking a new building in Shanghai city as an example, this micro-perspective study shows that hedonic prices of houses are derived from consumer hedonic preferences and their changes in terms of inertia and spatial ripple effects. However, there are large differences in the drivers of the same hedonic attribute across quantile degrees. With house prices gradually decreasing from the city center to the surrounding areas, the ripple effect is significant in determining residents’ preferred consumption characteristics and presents several inverted U-shaped and inverted U-shaped relationships. Residents’ preference for housing consumption is mainly reflected in the average area of the house, property fee, location of the administrative area, and so on. Regional real estate price changes are mainly reflected in hedonic house prices, and real consumer demand for housing is mainly derived from hedonic preference. Therefore, government regulation and control of house prices should consider different regions and different consumer groups simultaneously.

Hedonic Price Ripple Effect and Consumer Choice: Evidence from New Homes