<p>Previous studies on urban reconstruction have primarily focused on residential price differences in the pre- and post-planning or the pre- and post-completion phases, thereby overlooking the long-term price variation throughout an urban reconstruction project. This study used the difference-in-differences method, combined with spatial and quantile regressions, to analyze the spillover effects of different urban reconstruction phases on neighboring residential prices, as well as to check whether these effects differed across residential prices in different quantiles. The empirical results of this study indicated that urban reconstruction had significantly negative spillover effects on low-quantile priced housing units. On the other hand, the spillover effects of urban reconstruction on transaction prices in high-quantile priced housing units were positive and could already be observed before the post-completion phase, but the spillover effects decreased in the post-completion phase, which could be attributed to expected complementary effects.</p>