Wetlands provide huge ecosystem services for urban development, but its market-realized economic value is difficult to evaluate accurately. Taking the urban wetland of the Xining City as an example, this study utilized the Hedonic Price Modeling (HPM) to analyze the data from 10 selected factors, of 110 wetland-surrounding community sample sites in 2020, and quantitatively analyzed of the "realized" value of urban wetland by the market. Based on Breakpoint model and the Weighted Voronoi Diagram model method, the spatial influence range of wetland ecosystem services were analyzed. The Structural Equation Model was constructed to explore the major factors affecting wetland ecosystem service values. The results showed that:(1) in 2020, the total value of Huangshui urban wetlands reached 336.7 million yuan, and about 54.3% of the ecosystem services were transformed by the market through real estate; (2) The ecosystem service value per unit area of Huangshui Wetland was 151.916 yuan/m². Ecosystem service value ranged from large to small as Huoshaogou Wetland (163.2 million yuan)> Haihu Wetland (71.0 million yuan)> Ninghu Wetland (62.9 million yuan)> Beichuan Wetland (33.0 million yuan); (3) The Xining urban wetland ecosystem service value accounted for 2.04% of the total value of the property, ranking 7th out of the 10 factors. Linear function model results showed that the purchaser's marginal willingness to pay to these wetlands was $ 0.12/m². These households were willing to pay $ 0.12 more for every 1 m distance reduction between their property and these wetlands. (4) Homebuyers' willingness to pay for wetland ecosystem services was mainly reflected in cultural services (47.19%).