This paper analyzes the topological structure of housing market networks with an application of minimal spanning tree method into apartment sales markets in the Capital Region over the period 2003.7-2014.3. The characteristics of topological network structure gained from this application to some extent share with those found in equity markets, although there are some differences in their intensities and degrees, involving a hierarchical structure in networks, an existence of communities or modules in networks, a contagious diffusion of log-return rate across nodes over time, an existence of correlation breakdown due to the time-dependent structure of networks and so on. These findings could be partially attributed to the facts that apartments as a quasi-financial asset have been strongly overwhelmed by speculative motives over the period investigated and they can be regarded as a housing commodity with the highest level of liquidity in Korea.