This paper evaluates the interdepent relation between urban housing values and population growth via migration, based on a regional housing market model in Cundinamarca (Colombia). The influence of accessibility to Bogotá is taken into account in the joint determination of these variables with the aim to determine under what conditions the market adjusts, controlling for spatial factors. Using data from 116 municipalities, a system of equations is estimated for urban housing prices and net migration rate. The main result shows that a municipality’s higher attraction of people has a negative influence on urban housing values. As a conclusion, under interdependency between housing prices and migration controlled for accessibility to the capital city, the regional housing market is not linked across municipalities and offers poor amenity levels to people in each location.