It is believed that the residential real estate market tends to be subject to strong price fluctuations. This is an element of risk, which directly affects investors and not just those who are interested in speculation, but also those who cater to that market their housing needs. Strong fluctuations in real estate values are reflected in the many dimensions of the financial condition of the investors. Affect the possibilities of meeting the housing needs, limits, and sometimes raises the credit rating, raises investment risk measured with measures of volatility. Apart from the obvious social aspect and focus on the financial aspect, the author examines how the occurrence of price bubbles is a characteristic for the housing market. In this context, it was decided to compare the volatility of the capital market and the housing market in Poland. Checked the correlation between these markets and the power of change of price indices, as well as individual assets. Applications can help rationalize decisions regarding the allocation of capital, and not just about the motives of speculative investors, but also to those who satisfy their housing needs. Being able to compare, they may decide of particular direction of investments, as well as they may choose between buying or renting an apartment.