Exploring Spatio-Temporal Variations in Housing Prices between Transit-Station Areas (TSA) and Non-TSA

This study explored price differences of residential property prices between transit-station area (TSA) and non-transit-station area (non-TSA) from the view of space and time in Seoul from 2014 to 2023 and employed space-time cube model and propensity score matching. Several key findings are as folows. First, the spatial distribution of residential property prices was relatively high in areas such as Gangnam, Seocho, Songpa, Yongsan, Jongno and districts near the Seoul World Cup Stadium, maintaining a similar pattern from 2014 to 2023. The change in prices was much higher in 2014 on the riverside of Han River and in areas such as Gwangjin, Seongdong and Dongdaemun than in 2015. It had significantly growed in Gangnam, Yongsan and Mapo until 2023. Second, the differences of residential property prices between TSA and non-TSA areas expanded from KRW 17.7 million in 2014 to 77.7 million in 2022 and the volatility of prices increased from 0.6% in 2015/2014 to 10.4% in 2023/2014. Third, the TSA classified most 100×100m grids as consecutive hot spots, intensifying hot spots or oscillating hot spots, with a notable presence of diminishing cold spots appearing in areas with relatively low property prices. Conversely, the non-TSA categorized approximately 45% of the grids as cold spots, with the proportion of hot spot types downing compared to the TSA. This study is expected to (1) analyze the impact of the TSA to the price and change of residential property, (2) offer insights into both the spatial distribution and temporal changes in the price and the change and (3) present a methodologically advanced framework for upcoming researches.