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Regional integration is increasingly used as a policy strategy to accelerate urban development and regional cooperation. This research assesses the effects of regional integration on housing prices to evaluate policy effectiveness for small and medium-sized cities on the peripheries of core cities. Taking as a case study the Chinese city of Kaifeng—a contiguous city in the Zhengzhou megaregion—we utilized hedonic house price modelling and spatial econometrics to investigate the effect of Kaifeng’s integration with the core city on the dynamics and determinants of housing prices between 2001 and 2016. The results show that housing prices in Kaifeng increased significantly after the city’s integration with Zhengzhou in 2005. Further, the results confirm that the regional integration had a significantly positive effect on housing prices, especially in border areas. Moreover, the new time-saving cross-border light rail system had more influence on the prices of nearby housing than the new expressway, and new urban districts with high-quality amenities led to a sharp rise in housing prices in Kaifeng. Our findings offer policymakers some guidance concerning regional cooperation and urban development.