In China, the stabilization of the real estate sector carries significant importance, given its substantial size within the economy and its intricate interconnection with various segments of economic activity. The proportion of the Chinese real estate market within the Gross Domestic Product (GDP), considering the aggregate of construction and real estate services sectors, constitutes approximately 13 percent of the nominal GDP as of 2023. This analytical note aims to study the influence of property prices on public sentiment and to estimate the threshold of the real estate market through the analysis of internet-based search data. The significance of this study lies in its innovative approach, utilizing big data from the internet to analyze China’s real estate market.