The real estate sector plays an important role for the real economy. Econometric modeling is successfully applied to mass appraisal of real estate, which is one of the most classical economic tasks. The paper shows the results of the use of three models for the appraisal of the commercial value of residential real estate in Latvia. The authors have chosen two biggest cities in Latvia, i.e., the capital of Latvia – Riga and the regional center – Daugavpils. The statistical analysis of the sales data for 2011-2012 has allowed distinguishing pricing factors of the residential real estate both at the regional level and at the level of a building and object of real estate. Modeling was conducted with the use of correlation and regression and cluster analyses. The additive and multiplicative models based on the regression equation and the model of the cluster analysis based on the method of parallel sectioning have been presented.