Structural changes in market factors have an increasingly obvious impact on the stability of the real estate market. On the basis of clarifying the important supporting factors of the real estate market and taking Chongqing as a typical sample, this paper uses a short dynamic panel, panel stochastic frontier analysis and panel threshold to systematically study the impact of factor structure changes on the stability of the real estate market. The study finds that the current residents’ income has a significant effect on the stability of the housing market, and changes in housing price expectations and factor structure will also have an important impact on the stability of the housing market, and there is regional heterogeneity. In developed regions, market expectations play a more prominent role, while less developed regions rely more on changes in the structure of market factors. When the expected housing price growth rate is around 0. 3, it will have the greatest impact on the stability of the housing market. From the perspective of individual indicators, changes in the employed population have the most obvious impact on the stability of the real estate market, followed by residential land supply, housing market stock, and financial loans. The results show that to maintain the stability of the real estate market, consolidating the economy, increasing income, and stabilizing expectations are the foundation; optimizing the factor input structure and attracting more employment is the key, and simply increasing the supply of land and housing in exchange for housing market stability is not a long-term solution.