In this paper, the impact of real estate price on enterprise innovation level is summed up as "cost effect" and "investment effect", and the relationship among real estate price, real estate investment behavior, deepening of real estate investment and enterprise technological innovation output is analyzed. The innovation of this paper is that the investment of innovation factors and innovation management level are taken as intermediary variables to test the relationship between real estate prices and innovation output from both theoretical and empirical aspects. Based on the theoretical viewpoint and the data of A-share listed companies, this paper makes an empirical study of the research hypothesis and draws the following conclusions:1) The impact mechanism of real estate price on technological innovation level of enterprise is realized through at least two channels of "cost effect" and "investment effect".2) The "cost effect" of real estate price on enterprise's technological innovation level is to influence technological innovation achievements through technological innovation investment as intermediary. 3) The "investment effect" of real estate price on technological innovation level of enterprise is to influence technological innovation achievements through the intermediary of technological innovation management level. 4) Failure to prove that real estate investment will squeeze the technological innovation investment of listed companies. The conclusions of this study have the following two important policy implications:1) Attention should be paid to the "cost effect" of real estate price on technological innovation output of enterprises. Under the background of the transformation of new and old kinetic energy, the scarcity of innovative talents improves their bargaining power in the labor market. House as necessity of life, the rising price will lead to the rising labor price of innovative talents, which will inevitably increase the burden of investment in technological innovation of enterprises, and affect the transformation and upgrading of enterprises and the quality of long-term development. 2)The real estate investment of A-share enterprises does not squeeze the investment of technological innovation, but reduces the efficiency of enterprise innovation. In terms of policy, it is necessary to formulate evaluation indicators of innovation efficiency of related technologies, so as to promote key enterprises to attach importance to the improvement of innovation efficiency.