This study analyzed the impact of the global financial crisis on the Polish real estate market. Presented are the prices on the housing markets in several Polish cities against the backdrop of the situation on the stock exchange, the labor market and the price of money. It was examined how the price and number of transactions were changing in the initial phase of the crisis, during its apogee, and during the current process of coming out of the crisis. The research period is 2006- 2010. It covers the period of the greatest prosperity in the real estate market and of the financial crisis. The study describes three local real estate markets (of western, central and eastern Poland). These markets, which do not belong to the leading markets in the country, are so interesting because they can be a potential investment niche.