Urban blue-green spaces (UBGS) are an important part of urban ecosystems, providing a wide range of ecological benefits for urban residents. Transforming urban black and odorous water bodies into urban blue-green space land through ecological restoration is significant for effectively improving the comprehensive benefits of urban space quality, such as the community living environment and land value. Taking the central urban area of Guangzhou City as an example and based on UBGS and surrounding residential housing price data, this study selects indicators from UBGS characteristics, location characteristics, and residential characteristics and uses the hedonic price model to explore the impact of UBGS on housing prices. The results show that: (1) The walking accessibility of parks has a significant negative impact on housing prices, with a decrease of about 1% for every additional minute of walking time; (2) River length, dissolved oxygen, and transparency have a significant positive impact on housing prices, among which the impact of river channel dissolved oxygen on housing prices is greater, with an increase of about 50% for every additional 1 mg/L; (3) Patch density has a significant positive impact on housing prices, with an increase of about 0.7% for every additional unit; The largest patch index has a significant negative impact on housing prices, with a decrease of about 0.4% for every additional unit. The study results help reveal the economic value of UBGS landscapes and provide a potential path for realizing the value of urban ecological products-community residents pay for high-quality ecological products.