This study analyzes the location factors affecting the prices of apartments within 500m of the transit station area in Seoul, with focus on the transportation transfer factors. The results of the study are as follows. First, in terms of price competitiveness, the prices of the residence-only apartments are 16.5% higher than those of the mixed residential-commercial apartments. Second, the number of subway gates, the number of transfer lines, and the transfer centers have positive effects on the apartment price, but the number of transfer bus stops and the presence of a parking lot in the transit areas have negative effects on it. Third, among the apartment structural factors, the number of elapsed years has a negative effect on the apartment price, the square of the elapsed years and the presence of parking spaces have positive effects, and the heating method has a positive effect (district heating, central heating, and individual heating, in the descending order). Fourth, for the accessibility factors, the closer to the subway station an apartment is, the higher its price, but the apartment road name indicating the road accessibility does not show a significant effect on the apartment price. Fifth, among the location characteristics, the accessibility to schools, parks, and Han River shows a positive effect. Sixth, as a result of the examination of apartment complexes by dividing them into the five living zones in Seoul, the influence sizes are found to be as follows (in descending order): the southeast area (including the three districts in Gangnam), downtown, northwest, southwest, and northeast. It is thus suggested that a policy be formulated and implemented to expand the benefits of urban railways and to solve the living zone imbalance between Gangnam and Gangbuk.