The urbanization rate of Zhuzhou City has reached a high level, and the urbanization speed has slowed down significantly, resulting in the weak growth of housing demand and quite a shock to the development of the real estate market. Taking Zhuzhou City in Hunan Province as an example, this paper selects 12 indicators at the macro, industrial and micro levels that affect Zhuzhou real estate market, and uses the comprehensive weighting efficacy coefficient method to calculate the risk of Zhuzhou real estate market.The results show that from 2016 to 2020, the risk of Zhuzhou real estate market is still in the safe range, but the safety coefficient is getting smaller and smaller, and there is a risk of tending to the dangerous range. We can resolve the risks of the real estate market caused by the slowdown of urbanization and maintain the steady and healthy development of the real estate market by strengthening the supervision of pre-sale funds, raising the threshold of real estate development, discussing the sales of existing houses and seizing the development opportunities of Changsha-Zhuzhou-Xiangtan metropolitan area.