Built-environment differences across transit-oriented development (TOD) types shape the capitalization of metrorail accessibility into housing prices, generating spatially heterogeneous effects. Using Shanghai as a case study, this study calculates by-transit accessibility (BTA) based on transit supply–demand ratios and interstation passenger flows and derives metrorail accessibility through a distance-decay function. These measures, alongside station locations and built-environment indicators, inform an extended Node–Place model using K-means clustering to identify TOD types. Building on this classification, distance-threshold and price-grouped hedonic models are employed to examine the spatial heterogeneity of accessibility-price relationships. Results reveal clear spatial differentiation in TOD types. Accessibility thresholds generally increase from the urban core to peripheral areas, ranging from 359.5 to 766.77 m in Stressed and Extended TODs to 885.82–1543.75 m in Balanced and Demand TODs, indicating that no uniform station catchment radius applies across TOD contexts. The direction and degree of accessibility effects also vary by station-area development, distance, and housing price group. TAZ metrorail accessibility is positively associated with housing prices, with stronger effects on upper-middle- and high-price housing in Stressed, Extended, and Balanced TODs, but on low-price and high-price housing near Demand TODs. These differences suggest unequal opportunities to benefit from transit-related locational advantages. The findings inform better coordination of transport, land use, and housing toward more equitable and sustainable urban development.