Against the backdrop of rapid urbanization, traffic congestion, and rising housing pressure in China's major cities, this study examines how urban public transportation shapes residential property values, using Hangzhou as a case study. Drawing on public goods theory and hedonic price theory, it constructs a hedonic price model based on 22 refined traffic characteristic variables derived from field surveys and statistical analysis. The analysis shows that distance-based transportation indicators outperform time-based ones in explanatory power, and that actual travel-path measures offer no improvement in model fit. Using an optimal logarithmic specification, the study ranks the influence of individual traffic characteristics and calculates their price elasticities and marginal prices, offering a rigorous empirical basis for coordinating public transport development with urban housing and spatial planning.
