Taking Phase 1 of Changsha Metro Line 3 as an example, we adopt the characteristic price method to conduct a metrological study on the impact of urban rail transit on the surrounding housing prices from accessibility features, architectural features and supporting facilities. The research shows that within a range of 1.25 km, Changsha Metro Line 3 has a significant impact on the premium of surrounding housing prices with an average increase of approximately 8.2%. However, the influence is limited within the range of 1.25 km to 1.75 km. Meanwhile, its impact differs in different administrative regions. Specifically, the premium effect increases from Yanghu sector of Xiangjiang New District to the riverside area in the east of Xiangjiang River, slows down in the traditional sector, and then increases again towards the Songya Lake sector in Changsha County. Therefore, it is recommended that the government should improve the construction of transportation supporting facilities in relevant regions, and the real estate enterprises can develop differentiated property projects according to the distance from subway stations. In addition, a comprehensive development model could be adopted to relieve the government’s financial burden of subway construction.