The shift from the free-allocation housing welfare system to a market system was one of the most important parts of the economic system reform implemented in China from 1998 onwards. In recent years, however, soaring housing prices have become a serious public concern. In this study, we explored the spatial characteristics of housing prices, using spatial data on the average transaction price of Beijing’s housing blocks from 2005 and 2012, in order to reveal the factors influencing changes in housing price and address the way in which such changes in turn can affect land use, transportation, the living environment, and quality of life. The analysis revealed that the spatial autocorrelation effects associated with housing prices (and their increase) became significantly stronger between 2005 and 2012, especially in the central part of Beijing. Autocorrelation was, however, identified for both years. This finding explains the emergence of sub-area markets in recent years. It also provides evidence which suggests that developers or real estate agencies may have boosted housing prices purposely, which can lead to a biased market environment. Targeted policies are required in order to address, and avoid, this problem in the future. The spatial patterns of housing prices in different parts of Beijing were examined in detail. The differentiation of housing prices showed that Beijing has, in the past decade, gradually become a polynuclear city. By comparing the data for the two years using a multivariate linear regression model, the factors influencing housing price growth were analyzed. Besides location and the environment, it was found that housing policies related to property rights, the construction of the transportation network, and population change all played a key role in explaining changes in the spatial pattern of housing prices in Beijing in recent years.