In recent years, China has begun to regulate real estate prices based on monetary policy. In order to study the impact of monetary policy on real estate prices, the QVAR model was used to explore the impact of monetary policy factors on real estate price changes by using quantile impulse response graph and variance decomposition. The monetary policy used the quantitative monetary policy, the money supply M2 and the price-based monetary policy, the interbank interest rate as the standard, and the real estate price from 2003 to 2023 as the impact variables, and the M2 growth rate and the interbank interest rate were used to make quantile impulse response function graphs and variance decomposition analysis based on the QVAR model for real estate prices. The results show that quantitative monetary policy is negatively correlated with real estate prices in the short term and positively correlated in the long term, and price-based monetary policy is negatively correlated with real estate prices, and the influence of money supply on real estate prices accounts for a larger weight.