住宅市場存在異質性，過去對於有關開價、議價空間、成交價三者關係研究多半都聚焦在三者之間的關係，事實上，在住宅次市場運作之下，這些關係可能存在不同面貌。本文試圖釐清中古屋市場議價空間與住宅次市場之關係及實價登錄制度實施後的影響。以往文獻研究對象皆著重於成交價，本研究則從議價空間的角度出發，藉由實價登錄的成交資料庫及開價資訊，透過 t 檢定與 F 檢定分析議價空間是否因住宅次市場的差異而有不同，以及市場資訊透明度是否影響議價空間，實證結果顯示，不同價位次市場在建物類型的作用下，會存在不同的議價空間狀態。而在實價登錄制度實施一年內，在相同地區的議價空間並未出現顯著差異。

In the past, for about asking price, discount rate and transaction price, mostly studies are focused their relationships, in fact, these relationships may exist different aspects under submarket. This paper attempts to clarify the relationship between the existing housing market discount rate and housing submarket, and the impact of the policy of real transaction price registry. The previous studies are focused on the transaction price, this study is to start from discount rate, test the discount rate with housing submarket through the database of transaction and asking price, and whether the price information transparency affect discount rate. The results show that there are difference discount rate in difference price submarket and building type submarket. But there is no significant difference of discount rate after the policy of real transaction price registry running one year.