& FORECAST
Highlands-Cashiers Plateau | Q3 2024
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Q3 Market Report & Forecast | October 2024
MARKET REPORT
Across the Highlands, Cashiers, and Lake Toxaway regions, the Ultra-Luxury market $2M+ has seen notable growth, with units sold increasing by 33% in the third quarter compared to the third quarter of 2023. Limited new inventory heading into the fourth quarter may curb sales as the winter and holiday season approaches coupled with Hurricane Helene related travel issues.
COMMUNITY UPDATES
Highlands Cashiers
Lake Toxaway
FORECAST
Dillard Road repairs and low inventory set to slow activity in the plateau during the fourth quarter. A spring and summer rebound is anticipated as warmer weather drives a resurgence in sales activity in the region.
PODCAST
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Current Trends
The Ultra-Luxury market $2M+ has surged in the third quarter within the Highlands area, while Cashiers saw more restrained activity in this segment. Across the region, cash transactions are dominant in both the Luxury and Ultra-Luxury markets, with interest rates currently holding around 6.50% as we move into the fourth quarter. Lake Toxaway remains steady, with Luxury and Ultra-Luxury sales echoing third quarter figures of 2023, indicating stability that may appeal to long-term buyers and investors.
HIGHLANDS
Highlands continues to attract buyers from regional centers like Atlanta and Birmingham, along with interest from coastal cities such as Charleston and Savannah. The cool climate, vibrant arts and dining scene, and expanding outdoor recreation options make Highlands particularly appealing. The Ultra-Luxury segment saw a substantial 70% year-over-year increase, rising from 17 sales in the third quarter of 2023 to 29 in the third quarter 2024. Conversely, the Luxury and MidMarket segments have seen a leveling off of closed sales in. While properties under contract remain stable, the typical seasonal dip in activity is expected as we move into the holiday season.
HIGHLANDS
CASHIERS
The Cashiers market showed mixed results across the three primary price segments in the third quarter. The Luxury segment held steady with 14 sales year-over-year, while both Ultra-Luxury and Mid-Market sales declined slightly. Pending sales indicate potential improvement in the fourth quarter, with eight UltraLuxury and seven Mid-Market properties currently under contract. Inventory remains limited, yet fall typically boosts activity in Cashiers as seasonal visitors drive increased showings and future contracts.
CASHIERS
LAKE TOXAWAY
Lake Toxaway's steady performance mirrors third quarter 2023 figures, underscoring its reputation as a stable, attractive investment in both short and long terms.
Traditionally, Lake Toxaway is strong in spring, summer, and fall, with limited winter activity. High demand and limited inventory often support property values, although the market historically cools during the winter months.
LAKE TOXAWAY
Q3 Homes Sold
HIGHLANDS REGION
MARKET FORECAST
Plateau Market Anticipates Quiet Fourth Quarter, Poised for Spring Rebound Amid Limited Inventory and Infrastructure
Challenges
Looking ahead, the outlook across the Plateau suggests a quiet fourth quarter due to limited new inventory, hurricane-related infrastructure disruptions, and the typical seasonal slowdown. However, the region’s proven appeal in warmer months supports a likely rebound in spring and summer. In Highlands, we may continue to see strong Ultra-Luxury interest, particularly if new, high-end inventory comes to market. In Cashiers, fourth quarter performance could hinge on pending sales materializing into closed deals. Meanwhile, Lake Toxaway is positioned for a stable trajectory, appealing to investors seeking long-term value stability.
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