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The article is to study the influence of oil price variation on the parameters of the residential real estate market, which is a significant factor of the development of the country’s living standards. The analysis of oil price variation as one of the key figures determining price variation of goods and services in Russia, covers the period of the 2008 crisis and the postcrisis period of 2011-2017 (on a quarterly basis). The price variation of living space per square meter in the primary and secondary housing markets in remote federal districts (Central, Siberian, Far Eastern) has been analyzed. That allowed to identify the specifics of the process investigated in far-flung territories with significantly different indicators of economic development. As an assessment tool of the impact of structural changes in the Russian economy on price variation a statistical Chow-test, showing the presence of structural instability during the crisis, has been used. Based on the data, modeling of the interconnection between the oil price variation and a housing square meter price variation has been carried out in the period of 2011- 2017. The official data of the Federal State Statistics Service of the Russian Federation have been used.