Housing plays a vital role in urban settings facing shortages, particularly in emerging economies where challenges are more pronounced and efficient housing policies are essential to maintain a balance between housing values and consumer incomes. Among the factors influencing housing value, the impact of accessibility and proximity to transport infrastructure has long been established in the literature, considering various contributors such as physical and socio-economic characteristics. However, research focusing on emerging economies like Iran remains limited. This study employs a Hedonic Price Model to examine the effects of metro accessibility, alongside other factors, over time and across different socio-spatial areas within the Mashhad metropolis, Iran. Surprisingly, the results reveal that metro presence does not significantly influence housing prices, which are instead shaped by a combination of physical property attributes, buyer behavior, market conditions, property types, and broader socio-economic factors. These findings have important implications for real estate professionals, policymakers, and urban planners, offering insights to better allocate resources, adapt to evolving conditions, and promote long-term sustainable and equitable urban development.