Modric scored Spurs second-half equaliser against Mick McCarthy's side - having seen Steven Fletcher give Wanderers a half-time lead - but Tottenham were unable to find a second goal against a resolute away defence.
The result means the north London side have fallen two points behind Manchester United and league-leaders City in the title race, with the latter playing their game in hand against Wigan on Monday.
Speaking to the club's official website, Modric reflected: "It was a shame we didn’t win. It was a hard game, especially when Wolves scored first.
"It’s always harder when the opposition score first against us at White Hart Lane, they can then sit back and it’s hard to break them down.
"In the second half we managed to score a goal and for 15, 20 minutes after that, we were all over them. We created chances but couldn’t score.
"In the end, it’s a draw. It’s nothing (to worry about). We need to start again, do what we were doing before this game and start winning again.
"They fought for everything, defended well and took a point from us."
Tottenham travel to the Etihad Stadium on Sunday to face Roberto Mancini's side, and Modric is looking for a positive response to ensure the club's title challenge stays on track.
"It can happen," continued Modric. "No-one expected a draw but that’s why this league is so interesting. There are no easy opponents and every game is hard.
"It’s not the end of the world. We need to pick ourselves up, we have a big game on Sunday and we have to be positive."
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