Formal implementation of a label and certificate system is regarded as one of the most conducive policy solutions to overcoming the residential energy efficiency gap and inducing market signals. This study aims to show otherwise: a policy-induced premium based on energy certificate dissipates while market-induced premium prevails. In essence, we show that the private market can, in fact, sell green purchasing behavior. Furthermore, this study examines variations in market premium, corroborating the heterogeneity of market premium from energy performance. In looking at these critical questions, we analyze the existence and magnitude of the market premium from energy performance of 65,678 multi-family residential buildings in Seoul, the Republic of Korea with gas use intensity and assessed property values from 2015 as our key indicators.