During the period 1995 to 2015, Swedish real estate prices increased at a steady pace with only a few brief interruptions during times of economic crisis. The purpose of this study has been to analyze which macroeconomic factors had the greatest impact on real estate prices during this period and whether the IT crash in 2000 and the financial crisis in 2008 had any independent effects. The study is based on quarterly data and applies a multiple regression model where the independent variables are interest rate, GDP, disposable income, debt ratio, and population. These variables are analyzed to determine their impact on the dependent variabl the real estate price index. The results show that GDP and interest rate were the only variables that had a statistically significant effect on real estate prices. The other variables did not show any significant relationship and neither did the crisis periods demonstrate any independent effect on the housing market. The model explains 11.1% of the variation. The thesis shows that developments in the Swedish real estate market are mainly explained by changes in interest rate and GDP while other factors and crises have had less importance under the period