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This study examines the impact of COVID-19 school closures on educational inequality in South Korea, focusing on the correlation between students' socioeconomic backgrounds, inferred from land prices, and their academic performance. Utilizing event study analysis and spatial difference-in-differences models, the research evaluates learning loss and recovery patterns in relation to housing prices in students' catchment areas. Data from the Korean Ministry of Education and the Korea Real Estate Agency form the empirical basis of this analysis. By controlling for regional and school characteristics, including social distancing policies and internet usage rates, the study aims to provide a comprehensive understanding of how socioeconomic factors influenced educational outcomes during the pandemic, thereby contributing to discussions on educational equity in South Korea.