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The purpose of this study is to examine the relationship between dwelling age and housing prices. This empirical analysis was applied with 4 districts(Dongrae District, Keumjung District, Haeundae District, Yeonje District) in Busan. The empirical results are obtained through three methods : OLS(Ordinary Least Squares), semi-logarithm equations, polynomial regression model.This research shows the housing price is statistically related with the dwelling age and squared dwelling age in the reconstruction factors. The results also provides that the housing price is reversed due to the effects of reconstruction out of indicating estimated coefficient of dwelling age as (-) and that of squared dwelling age as (+). Accordingly, we can say that the relationship between dwelling age and the price is not simply linear.