Highlands-Cashiers Luxury Market Report and Forecast Q2
& FORECAST Highlands-Cashiers Plateau | Q2 2024
Q2 Market Report & Forecast | July 2024
MARKET REPORT
Cash transactions remain prevalent in the Luxury and Ultra-Luxury markets across the region As interest rates begin to decline, some previously hesitant buyers are entering the market
COMMUNITY UPDATES
Highlands Cashiers
Lake Toxaway
FORECAST
Interest rates are expected to keep falling over the next 5-6 months, but cash transactions still dominate, Due to the seasonal nature of this market, a surge in activity is anticipated in late summer and early fall, before cooling weather and the seasonal shift in buyers slow down the market.
PODCAST
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Current Trends
Cash transactions continue to dominate the Luxury and Ultra-Luxury markets across the region. Interest rates have started to decline, encouraging some previously hesitant buyers to enter the market In the Plateau, sales have been mixed; some neighborhoods have experienced year-over-year growth, while others have seen a slowdown. With the presidential race on the horizon, market activity may dip, but current pending sales suggest a different trend We will closely monitor showings and pending sales in the coming months.
HIGHLANDS
Both the luxury and Mid-Market segments saw a 30% year-over-year increase in units sold during the second quarter of 2024. The UltraLuxury market remained stable compared to last year, but pending sales are strong, with 15 properties under contract. If these contracts close, the third quarter could be robust Inventory in the Luxury segments has increased, while the Mid-Market inventory remains near historic lows Steady demand in the first half of 2024 has pushed prices higher as we enter the second half of the year
HIGHLANDS
Q2 Homes Sold
CASHIERS
The Ultra-Luxury segment experienced significant growth, with seven closed transactions, marking a 133% year-over-year increase However, the Luxury segment $1M-$1 99M saw a decline, with only nine completed sales compared to 14 in 2023 With ten properties currently pending, this trend may reverse, leading to a strong third quarter The Mid-Market also experienced a decline in sales, primarily due to limited inventory in the $600K-$999K range. We will watch inventory levels closely, as they will shape the market trajectory for the rest of 2024.
CASHIERS
Homes Sold
LAKE TOXAWAY
Lake Toxaway showed mixed results across all price points in the second quarter of 2024 The Ultra-Luxury segment remained relatively flat, with two sales compared to three in the second quarter of 2023. Luxury sales decreased, with two closed transactions versus four last year. Despite low inventory potentially impacting future sales, the Mid-Market saw two sales, an improvement from none in the second quarter of 2023. Pending sales are strong across all segments, but inventory shortages may limit year-over-year gains in the third and fourth quarters
LAKE TOXAWAY
Q2 Homes Sold
HIGHLANDS REGION
MARKET FORECAST
Cash buyers, coupled with strong demand across the region, have continued to drive values to all-time highs.
While interest rates are expected to continue falling over the next 5-6 months, cash remains dominant, with 76% of properties over $1 million closing as allcash transactions. Inbound migration from regional cities like Atlanta and Birmingham continues to drive sales in the Highlands market, increasing demand and pushing prices higher amidst limited inventory. Given the seasonal nature of this market, we anticipate a surge in activity in late summer and early fall, before cooling weather and the seasonal shift in buyers.
