To measure influences of the bargaining power of buyers and sellers on the formation of market price in the real estate market through a scientific method is an important prerequisite for the government to formulate the macro-control mechanism of "act according to local characteristics". This paper uses two-tier stochastic frontier model to investigate the differences in bargaining power between the buyers and sellers in the real estate market. The results show that:(1) Bargaining between the buyer and the seller makes a significant impact on the final formation of the transaction price of real estate.(2) At the national average level, the bargaining power of the sellers dominates the bargaining process of the overall market as well as the residential market, office market and commercial housing market, however, the effect of buyer's bargaining power would not be ignored.(3) From the perspective of cities of first-tier, new first-tier, second-tier and third-tier, in addition to the commercial housing market in first-tier cities, aggregate market in third-tier cities, residential market in third-tier cities and office market in third-tier cities, the others are at the stage of the seller's market.