In recent years, more and more old buildings, because the demolition and rebuild is difficult, and building exterior refurbishment can restore to the original capability and aesthetics. And because of building exterior refurbishment have short construction duration, and it makes impact on the resident's life smaller than rebuild. So building exterior refurbishment becomes a new choice for people. It is also government policies of metropolis renewal. Some of references showed building exterior refurbishment can enhance the value of real estate.This study aims to explore the building exterior refurbishment of old housing to enhance the efficiency of value. This study will establish the old housing hedonic price model by using the hedonic price method. There are two major results in this study. First, the most marked characteristic affects the total price of old house is the area of house. And the next marked characteristic affects the total price of old house is the width of the street. The third marked characteristic affects the total price of old house is building’s age. Second, the characteristic of building exterior refurbishment is not marked in the model, it means building exterior refurbishment does not affect the price of old housing in Da-an District or affect it slightly.