Based on rising house prices in Hainan Province under the background of “International Tourism Island”, we comprehensively use the data of Hainan Province from 2012 to 2016 to study the influence mechanism and effect of tourism development and expectation on house prices in Hainan Province by constructing regression model. The results show that: (1) The development of tourism and the expectation in Hainan Province will have different effects on the average housing price level. The development of tourism has an effect on the average housing price in the real estate market, while the expectation of tourism will reduce it. (2) Tourism development and expectations have no significant impact on the growth rate of housing prices. (3) The increase effect of tourism development on local residents’ income is higher than that on house price, which leads to the decrease of house price-income ratio. Therefore, the impact of tourism development on real estate in Hainan Province is healthy and stable. Although it increases house price, it will not contribute to the formation of real estate bubble. (4) For different types of housing, the development of tourism has significantly increased the price of commercial housing, reduced the price of departments, and has a greater impact on the price of commercial housing. However, the expectation of tourism industry has no significant impact on the price of housing. It mainly restrains the average price of real estate market by reducing the price of departments