After more than three years of in-depth adjustment，the real estate market has been fully adjusted both in terms of duration and extent. Meanwhile，referring to the situations of other economies also indicates that the current market has passed the period of sharp adjustment and has the foundation to stabilize. Although，there are still many factors that suppress the market，making it difficult for the market to fully stabilize in the short term. Therefore，the “long-term crisis theory” and the “quick bottoming theory” frequently seen in the market cannot accurately reflect the objective laws and actual situation. We judge that the market may evolve along the path of “stabilization of high-quality property prices in core cities-stabilization of the real estate market in core areas of key cities-stabilization of the national economic fundamentals-stabilization of the sales end of the national property market-stabilization of the real estate investment end”. The core areas of key cities are expected to stop falling first in 2025，and the prices of high-quality assets there may even experience a slight rebound.