Market Overview for Zip Code 78731
There are 106 active listings in Zip Code 78731 with a median list price of $1.1M and a median sold price of $955K.
Homes average 82 days on market.
Over the past 30 days, 26 homes have sold, with 296 sales in the past 12 months.
The average price per square foot is $461.
About Zip Code 78731
Zip code 78731 covers the Northwest Hills area of central-northwest Austin, one of the city's most established residential corridors. The zip code extends from roughly MoPac (Loop 1) on the east to FM 2222 on the north and west, and from Far West Boulevard on the north to approximately 35th Street on the south. Key neighborhoods include Northwest Hills, Far West, Cat Mountain, Highland Park West, and Mesa Park. The area sits approximately 7 miles northwest of downtown Austin, making it one of the closer-in residential areas with a suburban neighborhood feel. The terrain is hilly, with elevations rising from 600 feet near Shoal Creek to over 900 feet on Cat Mountain, providing views of downtown and the surrounding Hill Country.
Real estate in 78731 spans a wide range, from modest 1960s-era ranch homes to multi-million dollar custom builds on Cat Mountain and in Highland Park West. Northwest Hills proper was developed primarily in the 1960s and 1970s, with single-family homes from 1,400 to 2,800 square feet on lots of 0.15 to 0.4 acres. Far West features a mix of single-family homes and condominiums, with many townhome-style units from the 1980s priced from $250K to $400K. Cat Mountain and Highland Park West have larger custom homes from 3,000 to 6,000 square feet with prices from $900K to over $3 million. The median home price across 78731 is approximately $750K, though the range is substantial.
Students in 78731 attend Austin ISD schools. Elementary campuses include Doss Elementary, Hill Elementary, and Highland Park Elementary, all of which have strong parent involvement and gifted and talented programs. Murchison Middle School serves 6th through 8th grade and feeds into Anderson High School, which enrolls approximately 2,100 students and offers International Baccalaureate (IB) Diploma Programme along with extensive AP coursework. Anderson is consistently ranked among the top public high schools in Austin ISD.
The location of 78731 makes it one of the most commute-friendly zip codes in Austin. MoPac provides direct highway access, and downtown Austin is typically 10 to 20 minutes south. The UT Austin campus is about 10 minutes east via 2222 or 35th Street. The Arboretum and Domain shopping areas are 10 to 15 minutes north on MoPac. Central Market on North Lamar, one of Austin's flagship specialty grocery stores, is within the zip code. The 2222 corridor connects west toward River Place and Lake Austin, while Far West Boulevard serves as a neighborhood commercial street with restaurants, offices, and retail.
Living in Zip Code 78731
Northwest Hills is one of Austin's most sought-after residential areas for families seeking central location combined with strong Austin ISD schools. Median household income in 78731 exceeds $120,000. The population includes a mix of UT Austin faculty and staff, medical professionals from nearby hospitals, technology executives, and long-term residents who have lived in the area since the 1960s and 1970s. The proximity to UT Austin also means a notable presence of graduate students and visiting researchers, particularly in the Far West condominium corridor.
