Abstract: The real estate provides the basic place for the residents' life and their economic activities.Meanwhile, it is also one of the most important investment varieties.At present in our country the real estate market obtains rapid development and the real estate price continues to rise, which presents a prosperous scene.However, there are controversies over whether it is rational for the real estate market to develop so rapidly.This paper uses the non-stationary panel way that is based on the investment characteristic of real estate, to test empirically and judge the irrational exuberance of real estate rise in price in our country.The results show that the house price has been separated from the fundamental plane in our country and the real estate rise in price presents irrational exuberance.