Active Listing  ·  569 days on market

298 Smoke Tree Cir

Dripping Springs, TX 78620
$1,169,700
5 Bed 5 Bath 4,501 sqft $260/sqft Built 2022 0.35 acres 3-Car Garage Pool Headwaters At Barton Creek Ph 2

BRAND-NEW MOVE-IN-READY home NEVER LIVED IN located in the sought-after Headwaters community. HILLTOP with incredible HILL COUNTRY VIEWS. One of 12 houses in the EXCLUSIVE HILLTOP enclave of Headwaters offering incredible Hill COUNTRY VIEWS, on a large 0.35 AC lot large enough for a POOL! This stunning luxury home features include a chef's kitchen with an oversized island, quartz countertops, Siltstone sink & stainless appliances. Wood floors though out the main floor & staircase, 12’ beamed ceilings in family room, w/ 16’ FULL GLASS SLIDERS opening to the oversized 12’ ceiling back patio giving this a true indoor/outdoor experience. The main level provides an owner's retreat also w/ 12’ ceilings, owner bath w/ quartz countertops, walk-in shower w/ beautiful Carrara marble though out, freestanding tub & huge walk-in closet. Your guests will enjoy a very private second bedroom & bath DOWNSTAIRS, & second dining room, game room/office-your choice of use. Upstairs there are three additional bedrooms & two baths, game room & wired media room. The home sits on over 1/3 acre & offers a 3-car front loaded garage. Owners paid $305k in lot premium alone and large enough for a pool site!!! This home is one of the largest floor plans and on the best lot in Headwaters w/sweeping VIEWS from every window. Enjoy waking up to the sunrise over the hills beaming into the kitchen, dining, family room and owners suite. Home includes over $150k well thought out design upgrade options. Brand new furniture is negotiable. Miles of nature hiking/biking trails, an amenity center, playground, infinity edge resort-style pool, splash pad, gym/work out center and much more. Exemplary award- winning & top-ranking Dripping Springs ISD. Just 25 minutes west of Austin with quick access to 290, shopping and restaurants less than 2 miles.

At $260/sqft, this home is 45% below the Dripping Springs active market average of $475/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

298 Smoke Tree Cir, Dripping Springs, TX 78620

Property Details

Price $1,169,700
Status Active Listing
Beds 5
Full Baths 4
Half Baths 1
Living Area 4,501 sqft
Lot Size 0.35 acres (15,246 sqft)
Year Built 2022
Garage 3 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Headwaters At Barton Creek Ph 2
County Hays
Zip Code 78620
$/sqft $260/sqft
Days on Market ,
HOA $372/Quarterly
Annual Tax Est. $2,025.35
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT195459856
List Date April 22, 2025
Elementary School Dripping Springs
Middle School Dripping Springs Middle
High School Dripping Springs
School District Dripping Springs ISD

Dripping Springs ISD

Dripping Springs · Dripping Springs Middle · Dripping Springs

Luke Allen (TREC #788149) has deep knowledge of Dripping Springs and surrounding markets. Whether you're buying, selling, or just researching comparable sales, reach out for a no-pressure conversation.

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Price History

How This Ask Has Moved

Original list price versus what this home is asking today. Straight from the ACTRIS MLS feed, no interpretation.

Original ask · April 22, 2025 $1,297,700
Previous ask $1,172,700
Current ask $1,169,700
▼ Reduced $128,000 (-9.9%) from original ask

Source: ACTRIS MLS. Price change timestamp reflects the most recent adjustment on record; the feed does not expose intermediate steps between the original ask and today's ask.

Similar Homes on the Market in Dripping Springs

Comparable Listings Right Now

Homes currently for sale in Dripping Springs with similar bedroom count, size, and price range, giving you real-time context for how this property's asking price compares to the active market.

AddressList Price$/sqftBeds/BathsSqftDOMListed
200 Silver Sage Ct
Headwaters at Barton Creek
$1,199,000 $251 5 bd / 5 ba 4,784 sqft , 2026-10-09
171 Cactus Wren Ct
Headwaters at Barton Creek
$875,000 $262 5 bd / 4 ba 3,337 sqft , 2026-09-15
192 Cactus Wren Ct
Headwaters at Barton Creek
$850,000 $272 4 bd / 3 ba 3,124 sqft , 2026-09-21
278 Cactus Wren Ct
Headwaters at Barton Creek
$845,000 $273 4 bd / 3 ba 3,091 sqft , 2026-10-13
366 Iron Willow Loop
Headwaters at Barton Creek
$825,000 $277 4 bd / 4 ba 2,979 sqft , 2026-09-14

Source: ACTRIS MLS, live listings. Similar by ±1 bed, ±35% price, ±35% sqft. Contact Luke for a formal comparative market analysis.

Investment Analysis

Rental Income Potential

The numbers below use conservative Austin-market assumptions. They are estimates, not a guarantee. Actual rents vary by condition, timing, and management. Read our full Austin rental property guide →

Est. Monthly Rent
$5,615/mo
0.48% rule · conservative Austin est.
Gross Yield
5.76%
Annual rent ÷ purchase price
Cap Rate (est.)
3.46%
NOI after 40% vacancy + expenses
Down Payment
$233,940
20% conventional investment loan

Monthly Cash Flow Breakdown (assumes 20% down · 7.25% rate)

Estimated Gross Rent+$5,615
Principal + Interest−$6,384
Property Tax (assumed ~2.1%)−$2,047
Insurance (assumed ~0.5%)−$487
Est. Monthly Cash Flow $-3,303

At current rates and prices, many Austin luxury properties run neutral or slightly negative on pure cash flow, appreciation and equity paydown are the primary return drivers. BRRRR and off-market acquisitions can improve day-one cash flow. Learn about the BRRRR method in Austin →

Commute & Employment

Major Employers Near Dripping Springs, TX

Dripping Springs sits within commuting range of Austin's major tech, manufacturing, and corporate campuses. Approximate drive times from this area:

Westlake corridor 25 min NE
Downtown Austin 40 min E
Tesla Gigafactory 50 min NE

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About the Author
Luke Allen, Austin TX Realtor, TREC #788149
Luke Allen
Licensed Austin TX Realtor · TREC #788149 · Full-time since 2019
★★★★★ 5.0 on Google · 41 Reviews

Luke Allen is a full-time Austin TX Realtor with the Austin Marketing + Development Group brokerage. He works with buyers, sellers, and investors across every Austin ISD and the surrounding neighborhoods, from Downtown and East Austin to Round Rock, Cedar Park, and the Hill Country. Every page on this site is written and maintained by Luke. The written content was last updated on July 31, 2026.

📞 (254) 718-2567 [email protected] More about Luke →

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