Best Neighborhoods in Lakeway, Texas

Lakeway was built around the appeal of living near Lake Travis, but the neighborhoods interpret that idea differently. Old Lakeway has an established residential feel. Rough Hollow leans into resort-style amenities, while the Hills of Lakeway has a golf-centered identity.

In Rough Hollow, waterfront proximity doesn't guarantee a lake view or an easy walk to the water. Check community costs carefully. The Hills' gated setting has its own rules, and older properties in Lakeway Proper may bring renovation work. A scenic drive can feel longer when it's the daily commute.

Rough Hollow

Upscale Families & Waterfront Enthusiasts

Rough Hollow is a luxury, resort-style master-planned community along Lake Travis, complete with marina access, multiple pools, splash pads, trails, a yacht club, and a lakeside restaurant. Homes are large and modern, many with outdoor kitchens, views, and custom features. This is one of the premier neighborhoods in the entire Austin metro.

Median Home Price: ~$900,000

Schools: Zoned to Rough Hollow Elementary and Lake Travis High School

Other resort-style communities:

  • Steiner Ranch
  • Crystal Falls – Grand Mesa
  • Spanish Oaks

The Hills of Lakeway

Golfers & Empty Nesters

Hills of Lakeway is a gated, golf-centric community with mature landscaping, custom homes, and a peaceful vibe. It’s popular with both families and retirees looking for a quieter, high-end lifestyle. Residents have access to The Hills Country Club, tennis courts, fitness centers, and several private golf courses. Homes here are often one-story with luxury finishes and excellent curb appeal.

Median Home Price: ~$800,000

Other golf-heavy, private neighborhoods:

  • Twin Creeks (Cedar Park)
  • Teravista (Round Rock/Georgetown)
  • Spanish Oaks (Bee Cave)

Lakeway Proper (Old Lakeway)

Longtimers & Laid-Back Locals

The original part of Lakeway—often called “Old Lakeway” or “Lakeway Proper”—features older homes (1970s–1990s) on large lots, many with lake or hill country views. It’s more relaxed and less “master-planned” than newer developments, with unique architecture, big trees, and a mix of retirees, professionals, and families.

Great for buyers who want character, space, and mature surroundings—not cookie-cutter layouts.

Median Home Price: ~$675,000

Students in this area are zoned for:

Other neighborhoods with character and views:

  • Hometown Kyle
  • Willow Creek (San Marcos)
  • Brushy Creek North

Serene Hills

Luxury Buyers & Design Aficionados

Serene Hills is one of the most upscale and architecturally striking communities in Lakeway. Homes here are larger, more modern, and often fully custom, with high-end finishes and thoughtful design. The neighborhood backs up to a greenbelt with trails, and while it’s close to Highway 71, it still feels private and tucked away.

This is a great fit for buyers who want luxury without a country club scene.

Median Home Price: ~$1.1M

Students in Serene Hills are zoned for:

Other newer luxury builds:

  • Belvedere (Spicewood)
  • Spanish Oaks
  • Rough Hollow – The Enclave