This research answers the question of how to measure the impact of different factors on real estate price. It is well known that the real estate price is influenced by many factors, however, how to determine the factors and evaluate the influence degree is an important problem. Most of the previous research used multivariate statistical model, this paper proposed a different way—Grey Relational Analysis (GRA). This paper selected 11 influencing factors from economic area, market area, cost area and social area. Then the method to identify the influence degree of factors based on GRA was proposed. In addition, for explaining application of the influencing factors, the case of Dalian in China is studied. The result is that the key influencing factors are gross domestic product, average wage of employed persons in construction, annual per capita disposable income of urban households and per capita building space of urban household. The GRA is an effective way to assess the impact of different factors on real estate price and provides a good tool for designers, users, decision makers and researchers.