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This study is aimed at identifying the change of influencing power for a subway construction project over housing prices from before approval of its master plan to after operation. In the study dealing with the project of the subway line 9 as our case study, the project period has five stages categorized by approval of the master plan(2000.9), ceremony of groundbreaking(2002.4), selection of its operator(2005.5), operation(2009.7). The analysis result demonstrates that subway accessibility has been positively capitalized into housing prices even before the approval of a master plan. we assume that the reason is the expectation of potential consumers. The other result is that influencing areas of capitalization effect on housing prices have been continuously expanded over time at the statistically significant level. In conclusion, the study identifies that a subway construction project has had an effect on housing prices over the entire period from the beginning of its planning.