Based on the panel data of 33 large, medium and small cities in China from 2005 to 2018, 11 indicators are selected from three aspects of real estate investment, real estate consumption and real estate development enterprise scale. The entropy method is used to calculate the comprehensive index of real estate economy, and the static and dynamic panel models are constructed to explore the influence mechanism of population flow on real estate economy. The empirical results are as follows：The regression results of static panel model and dynamic panel model show that the population flow at the national level has a significant positive impact on the development of real estate economy; the results of static panel regression show that the real estate economic level in areas with rapid population inflows has significantly improved, while the improvement of the real estate economic level in areas with slow population inflows is not obvious; the results of dynamic panel regression show that there is“inertia” in real estate economic growth all over the country and all regions and the real estate economic development in regions with rapid population inflows is faster than that in regions with slow population inflows. Accordingly, the government should pay attention to the regional coordination of the floating population and guide the reasonable distribution of population flow, and at the same time, real estate enterprises need to adjust the strategic layout of real estate investment according to the flow trend of floating population.