Abstract: The price of a housing unit, as a heterogeneous and multidimensional commodity, is a function of the physical, environmental and locational characteristics. In this regard, this research was conducted to study the factors that influence the price of residential properties in Hashtgerd New Town (35° 34'48'’N, 50° 26'24'’E). The information required for this study was gathered from 416 households in Hashtgerd New Town. The housing pricing function was estimated by applying the Hedonic Pricing Model based on Ordinary Least Squares (OLS) method. The findings suggest that the most significant features of a housing unit include gross floor area, type of housing unit, stone facade, land area, number of rooms, number of floors and unit’s distance from down town and park. Among these variables, gross floor area, type of housing unit (in terms of being a villa or an apartment) and stone facade with 0.60, 0.42 and 0.25 rates of elasticity, respectively have had the greatest positive impact on setting the price of a housing unit.