In this paper the problem of Walras equilibrium of a real estate market is considered. First, a static model of the real estate market is established. The viability Walras equilibrium of the real estate market is defined, and its existence is proved. Secondly, a dynamic evolution model of the real estate market is developed in the form of differential inclusion. The existence of viability dynamic equilibrium of the real estate market is proved under some assumptions by applying viability theory. Finally,the situati0n of Chinese real estate market is analyzed，and some suggestions are presented．