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This study explores the directional flow of price information within the housing market network, focusing on the Seoul metropolitan area from 2013 to 2022. Utilizing a network constructed through the multivariate Granger causality test, centrality metrics identify key industrial cities (e.g., Suwon and Hwaseong) as central nodes. In contrast, Seoul, the capital city, plays a marginal role. The findings reveal a shift in influence within the housing market network, with traditionally dominant cities like Seoul ceding prominence to key industrial hubs. Our findings suggest that spatial and industrial dynamics may now outweigh administrative hierarchy in shaping housing market centrality. Future studies should explore how external shocks have driven this transformation over time.

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Information Flow Between Neighboring Housing Markets: A Case from the Seoul Metropolitan Area

  • 会议论文

  • 发表日期：

    2025年

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  • Leehyun Jung,
  • Minhyuk Jeong,
  • Yena Song,
  • Kwangwon Ahn

摘要

This study explores the directional flow of price information within the housing market network, focusing on the Seoul metropolitan area from 2013 to 2022. Utilizing a network constructed through the multivariate Granger causality test, centrality metrics identify key industrial cities (e.g., Suwon and Hwaseong) as central nodes. In contrast, Seoul, the capital city, plays a marginal role. The findings reveal a shift in influence within the housing market network, with traditionally dominant cities like Seoul ceding prominence to key industrial hubs. Our findings suggest that spatial and industrial dynamics may now outweigh administrative hierarchy in shaping housing market centrality. Future studies should explore how external shocks have driven this transformation over time.