In Austin, Texas, the ZIP code 78728 stands out as an area with a dynamic real estate market and a plethora of local amenities. Nestled in the northern part of the city, this neighborhood offers a unique blend of residential charm and accessibility to urban conveniences, making it an attractive locale for both potential homeowners and investors.

The real estate market in 78728 exhibits robust activity, characterized by a healthy absorption ratio of 51.22%, signaling a strong sellers' market. The area currently hosts 20 active properties, with an average active price of $492,535 and a median price slightly lower at $489,450. In contrast, the pending properties, totaling 21, have a more modest average price of $430,490 and a median of $435,000, suggesting a competitive market environment where homes are moving quickly from listing to contract. This is further evidenced by the fact that 29 properties have sold in the past 90 days at an average price of $448,809, reflecting the area's desirability.

The quick turnover in the housing stock is mirrored by a low months of inventory figure at 1.82, indicating that properties in 78728 are selling faster than in many other areas. Over the past year, 147 properties have sold at an average price of $454,567, with a slight dip this year to an average sold price of $436,836. Despite this decrease, the long-term appreciation rate of 4.85% annually over the past 25 years underscores the enduring value of investments in this zip code.

The average tax rate for this zip code is 1.9976%, well under the average for the area of 2.25%. The yearly gross rent for the average home for sale and lease is $27,685 which gives us a cap rate of 3.83%, the 23rd best cap rate compared to the top 75 zip codes in Central Texas. The Gross Rent Yield is 5.87% using the median sold price and median leased price.

78728 is not only notable for its real estate dynamics but also for its vibrant local scene. The area is home to popular dining spots such as Ramos Tex-Mex and Raggedy Anne's, offering residents a taste of Austin's rich culinary landscape. Nearby attractions include The Domain, a large shopping and entertainment complex that provides a wealth of activities and amenities. Furthermore, the zip code's proximity to major employment hubs and thoroughfares makes it an ideal choice for professionals seeking a blend of suburban tranquility and urban accessibility.