This study examines the real estate market in Germany at the district level, focusing on all NUTS 3 regions from 2012 to 2022. Using spatial econometric models, the analysis explores the association of socio-economic variables and COVID-19-related indicators—including infection rates and mobility restrictions—with regional property prices. Our results indicate that high infection rates and containment policy measures are significantly associated with housing price dynamics, revealing both local associations within regions and indirect spatial spillovers to neighboring regions. We find that these variables, along with socio-economic covariates such as average age and childcare provision, are closely linked to spatial dynamics in property markets.