Recently a new section of the LUAS tram was opened in Ireland’s capital city Dublin. It was noted that the effect on house prices within the areas now linked by the tramway to the city centre was significant. This shows that transport is linked to house prices.
What was also significant was that the effect on house prices was in fact felt about 2-3 years rather than at the time of the opening of the line. The reason for this was that the line was planned and as such people became aware that the areas would soon have the new city centre link.
In fact it was noted by some that as soon as the new tramway opened there appeared to be a slump in property prices. Of course house prices are not like a traded stock in that you can measure such an immediate impact accurately but the sentiment existed.
Having seen the phenomenon I did some research and it appears that even projects which may have a 5-6 year completion time (from agreement of routing to opening) have an immediate effect on property prices within the area.
Conversely when transport links are going to be reduced or cut it has a negative effect on property prices.
I spent some time living in New York recently and a friend of mine lives near the L-train which connects their section of Brooklyn with Manhattan.
As a result of Storm Sandy in 2012 the L-train will be closed for repairs for 15 months from April 2019. The result of this is a significant reduction in rental rates for the area but not such an effect on house prices.
Perhaps 15 months is not a long enough time to elicit an effect on the actual sale prices. Transport links, whether they are new or potential future ones, certainly have a big impact on property prices.
Here you can find properties close to train stations: https://www.listproperty4free.com/list_view.php