Abstract: It is generally acknowledged that housing components which comprises of location, neighborhood and structural attributes are critical to the determination of residential property value. The structural components of housing which encompasses the age of dwelling, quality of design, room size, number of living rooms, bedrooms, toilets and bathrooms, quality of constructional materials wall fence and gate, landscaping, layout plan of dwellings and availability of space may influence residential house prices. Equally, the attributes of locational components of a residential property such as the proximity to place of employment to shopping centers, markets, accessibility to public transport and sporting facilities may as well influences its value. Residential neighborhood which is a geographical unit within which given social relationship exist play a very prominent role in determining house prices. Neighborhood components constitute both amenities and disamenities and serves as a major factor in determining house prices due to its spatial linkage to the housing market. The aim of this study is to critically review empirical literature on the influence of housing component on prices of residential houses. Documentary data in respect to the study were gathered through various secondary sources. Results obtained from the various studies indicated that neighborhood amenities and disamenities, attributes of residential location as well as structural components of housing are major determinants of residential house prices.