<p>Coastal landscapes provide people with visual and spiritual enjoyment while also affecting surrounding housing prices. To explore the potential capitalization effects of coastal landscapes on housing prices, data are obtained from real estate transaction listings in Qingdao, China, from January 2015 to October 2021. The hedonic pricing model is applied to examine the effect of coastal landscapes on real estate prices. The results indicate that coastal landscapes impose a significant capitalization effect and that for every 1% increase in the distance from the sea, the housing price decreases by 2.41%. The capitalization effect of coastal landscapes mostly depends on the landscape premium produced by beaches, bathing beaches, and other coastal resorts, which affects the prices of nearby houses. Furthermore, the capitalization effect of the distance from the sea on housing prices exhibits a spatial decay effect. The greater the distance from the sea, the weaker the capitalization effect is. Notably, the capitalization effect of coastal landscapes is influenced by the presence of educational resources, the opening of metro lines, and unforeseen environmental events (such as <i>Ulva prolifera blooms</i>), leading to significant fluctuations in housing prices. However, the impact of the COVID-19 pandemic was relatively minimal.</p>