Falconhead Market Report: 78738 Prices Rise 13.3% as the Austin Metro Slips
For the three months ending August 2026, the median sale price in ZIP 78738, which includes Falconhead, rose 13.3% year over year to $976,777 while the Austin metro median fell 6.4%. Homes sold faster, in a median 69 days, and sales rose 9.2% to 215.
78738 median up 13.3% year over year
$976,777 for the three months ending August 2026, against a 6.4% metro decline in August.
Homes selling 11 days faster
A median 69 days on market versus 80 a year earlier.
Sales volume up 9.2%
215 homes sold in 78738 versus 197 a year earlier.
Fewer price cuts, firmer sale-to-list
Price drops fell to 40.2% of homes, down 8.7 points, and sale-to-list rose to 97.3%.
ZIP-wide data, not subdivision data
Falconhead-only sales are too thin to report, so all figures describe ZIP 78738.
The short answer: the ZIP that holds Falconhead is moving against the metro. The 78738 median sale price rose 13.3% year over year while the Austin metro median fell 6.4%.
This is our first report on Falconhead, a neighborhood inside Bee Cave city limits just south of Lakeway. Falconhead-only sales are too few to measure cleanly, so every figure here covers ZIP 78738 as a whole, which also takes in parts of Lakeway, The Hills and other Bee Cave neighborhoods. Treat it as the market around Falconhead, not a subdivision price.
Prices. Over the three months ending August 2026, the 78738 median sale price was $976,777, up 13.3% from the same period in 2025, per Redfin. Median price per square foot was $284, up 5.8%. For contrast, Unlock MLS put the Austin-Round Rock-San Marcos median at $412,000 in August, 6.4% below August 2025. The two use different windows, but the direction is clearly different.
Pace. Homes sold after a median 69 days, down from 80 a year earlier, and 215 homes sold versus 197, up 9.2%. Sale-to-list rose to 97.3%, up 0.8 points, and 11.5% of homes sold above list, up 6.4 points. Price drops hit 40.2% of homes, down 8.7 points. Redfin scores the ZIP somewhat competitive at 43 out of 100: typical homes sell about 3% below list and go pending in around 76 days.
Inventory. On September 28, 2026, Redfin showed roughly 238 active single-family listings across 78738 price bands. About 33% asked $1 million to $2 million and 21% asked $2 million or more, while about 20% asked under $750,000.
What to do with this. Sellers: a rising ZIP median does not mean every home gains, because the mix of what sold shifts from window to window, so price from recent nearby comps. Buyers: fewer price cuts and faster sales mean less room to wait than a year ago, though homes still typically close a few percent below list.
Who is writing this. Jonathan Creath is a Real Estate Advisor with Kuper Sotheby's International Realty and part of Creath Partners, the family business his father Garry Creath founded in 1971 and brought to Austin in 1989. Creath Partners' office is at the Hill Country Galleria in Bee Cave, a few minutes from Falconhead. TREC License #547237.
Falconhead as of September 28, 2026
These figures are frozen at publication. The Falconhead guide carries the current month's numbers.
Every number, and where it came from.
The median sale price in 78738 was $976,777 over the three months ending August 2026, up 13.3% year over year; median price per square foot was $284, up 5.8%.
redfin.com ↗Homes in 78738 sold after a median 69 days on market versus 80 days a year earlier; 215 homes sold versus 197, up 9.2%.
redfin.com ↗Sale-to-list in 78738 was 97.3%, up 0.8 points; 11.5% of homes sold above list, up 6.4 points; 40.2% had price drops, down 8.7 points.
redfin.com ↗Redfin's Compete Score for 78738 is 43; typical homes sell about 3% below list and go pending in around 76 days, hot homes in around 41.
redfin.com ↗Active single-family listings in 78738 on September 28, 2026 by price filter: 4 under $500K, 44 from $500K-$750K, 63 from $750K-$1M, 78 from $1M-$2M and 49 at $2M or more.
redfin.com ↗The Austin-Round Rock-San Marcos MSA median price was $412,000 in August 2026, 6.4% less than August 2025.
unlockmls.com ↗Falconhead, Falconhead West and Bee Cave West are listed as neighborhoods in the City of Bee Cave.
beecavetexas.gov ↗Falconhead Golf Club, 15201 Falcon Head Blvd, is a public course designed by Chris Gray.
golfdigest.com ↗Falconhead Golf Club is a par-72 course of 7,181 yards that opened in 2003.
pga.com ↗The Bee Cave Hike and Bike Trail runs 1.5 miles from Falconhead Blvd south along 620 to Central Park and the Galleria; the Central Park perimeter trail is just over 1 mile.
beecavetexas.gov ↗Bee Cave kept its tax rate at $0.0200 per $100 valuation and approved a nearly $26 million FY 2026-27 budget with a $1.49 million surplus; Lake Travis ISD adopted $1.0329, down from $1.0397.
communityimpact.com ↗Falconhead feeds into Lake Travis ISD, with elementary students attending Lake Pointe Elementary or Bee Cave Elementary.
neuhausre.com ↗GreatSchools rates Lake Pointe Elementary 10/10 and Bee Cave Elementary 8/10.
redfin.com ↗Bee Cave Farmers Market runs every Sunday 10AM to 2PM in the Hill Country Galleria central plaza, rain or shine; 2026 Bee Cave Holiday Market dates.
beecavefarmersmarket.com ↗Bee Cave Public Library is at 4000 Galleria Pkwy; a library card requires only an ID.
beecavetexas.gov ↗
All metrics are ZIP 78738-wide, not Falconhead-specific: Redfin's calculations from MLS and public records on a rolling three-month basis ending August 2026, retrieved September 28, 2026. Falconhead subdivision data was omitted because the neighborhood boundaries used by Zillow and Orchard appear to take in neighboring subdivisions. The price distribution is not from a banded source: it is approximated by counting Redfin's active single-family listings in 78738 across price filters on September 28, 2026 (238 across the bands), so it reflects asking prices of current inventory, not closed sales.
