A Review of Housing Submarkets

Housing submarkets can be interpreted as a set of dwellings that are reasonably close substitutes for one another, yet relatively poor substitutes for dwelling in other submarkets. The definitions and methods of delineating housing submarkets depend on the purpose and objective that the markets are constructed. Basically, housing submarkets are used to forecast housing prices, formulate suitable marketing strategy and to better visualize the housing market structure. Research on housing submarkets has been developing since decades ago. This paper seeks to explore the diversification of the definitions, purpose and approaches used to identify housing submarkets. It may be useful to provide some insights and context for future researches.