An apparatus comprises at least one processing device comprising a processor coupled to a memory. The processing device is configured to obtain time-series temperature data from respective temperature sensors arranged at respective different subsurface depths, and for each of a plurality of pairs of the temperature sensors, to compute a cross-correlation of their corresponding time-series temperature data, to compute a time derivative of the cross-correlation, and to generate an estimate of at least one reservoir property based at least in part on the time derivative of the cross-correlation. At least one automated action is performed based at least in part on the generated estimate, such as, for example, controlling an amount of fluid flow into or out of a particular subsurface region. The generated estimates illustratively comprise estimates of subsurface hydraulic diffusivity.