The development of Taiwan's real estate market has been difficult to explain from the assumption of human rational thinking in traditional economics. Professor Robert J. Shiller, who received the 2013 Nobel Prize in Economics for his outstanding contributions to the asset pricing research, conducted an in-depth analysis of long-term housing market trends in major countries in Europe, Asia, and the United States. His contribution to the housing market researches is not only to present the Case-Shiller Housing Price Index and the Shiller Cyclically Adjusted Price-to-Earnings Ratio (CAPE Ratio) for market investors to measure the changes in the value of housing in the United States and to evaluate the risks of equity investments, but also explain how the housing market is influenced by the manipulation of participants who hold the information, the consumer's price expectation, and the action taken by human beings based on their instincts beyond the fundamentals from the perspectives of behavioral economics. This paper discusses the issues and concerns of the real estate market in Taiwan in recent years from Professor Shiller's recent books and articles. We hope to obtain implications from these discussions.