Keywords: Hedonic Price model, House Price, Housing Market, Rental Price. The study recommends future research to critical review repeat sales model and another pricing models. The study relates the hedonic price model and repeat sales model for the identification of advantages and limitation over the other. Previous empirical studies of the effects of physical structural and location of the housing property are identified and reviewed. The paper further reviews the empirical issues of the application of the hedonic on housing and rental prices in the housingmarket with the critical examination. This paper reviews the theoretical background of hedonic price model and its concept. The modification of the hedonic model by Lancaster’s (1966) consumer theory and Rosen’s theoretical (1974) model, upgraded the model to be extensively used in the scientific investigation of various aspects of housing markets. Later the model was used for estimation and forecasting. The hedonic price model introduced by Court (1939) was implemented on automobile price regression.
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