Across the Highlands, Cashiers, and Lake Toxaway regions, the ultra-luxury market $2M+ experienced mixed results in the fourth quarter of 2024 Highlands and Lake Toxaway posted year-over-year gains, while the Cashiers market saw tempered results
COMMUNITY UPDATES
Highlands Cashiers
Lake Toxaway
FORECAST
The Plateau remains a resilient four-season market, with sales activity typically rebounding as the new year begins While the colder months bring a natural seasonality to the market, demand remains strong Additionally, with new construction starts remaining limited, existing inventory continues to hold its value, supporting a healthy market with steady price growth.
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The Ultra-Luxury Segment Remains Strong
Throughout Macon & Jackson Counties
Despite high interest rates and constrained inventory, the region’s enduring appeal, particularly in the Ultra-Luxury segment, has been a bright spot in an otherwise turbulent quarter for Western North Carolina. Sales in the $2M+ category surged in Highlands and Lake Toxaway, while overall inventory continues to lag behind demand. Year-over-year, Ultra-Luxury home sales in Macon and Jackson counties increased by 16.5%, with 120 closed transactions in 2024 compared to 103 in 2023.
As expected, the winter months have shown a seasonal slowdown in sales activity. However, with warmer weather on the horizon, we anticipate an influx of new inventory across the Plateau, setting the stage for a robust selling season in 2025.
HIGHLANDS
The Highlands Ultra-Luxury market $2M+ recorded 16 sales in the fourth quarter 2024, compared to 14 in the same period of 2023, signaling stable demand. Current inventory has risen to 36 units, with eight properties under contract. Meanwhile, the Mid-Market and Luxury segments saw year-over-year declines in sales volume, with a slight rise in inventory, which could lead to stagnant pricing in early 2025
Though the Highlands market experiences some seasonality , it is very much a 4 season market, and key metrics such as showing activity, inventory levels, and pending contracts will be closely monitored as the spring market approaches.
HIGHLANDS
CASHIERS
The Cashiers market delivered varied performance across its key price segments during the fourth quarter The Mid-Market segment, $600K - $999K, gained some traction, posting six closings compared to five during the same period in 2023 The Luxury segment, $1M - $1 99M, remained steady with seven closings in both 2023 and 2024. Notably, there are currently four properties under contract in this range, indicating potential momentum as we enter the new year.
The Ultra-Luxury segment $2M+ saw a significant downturn, with only six sales in the fourth quarter of 2024 compared to 18 in the same period of 2023 Despite this decline, the outlook remains positive, as pending contracts in this price bracket rebounded, with seven properties currently under contract While activity has slowed, buyer interest remains evident, and we anticipate renewed movement in the market as we transition into the warmer months
CASHIERS
Homes Sold
LAKE TOXAWAY
The Lake Toxaway market continued to reflect a mix of trends. Limited inventory remains a key factor in this market, driving prices higher as demand remains steady Buyers have long been drawn to Lake Toxaway as a retreat from the summer heat, and this sustained interest has kept the market competitive
In the Ultra-Luxury segment, $2M+ the market saw a notable surge, with seven closed sales in the fourth quarter of 2024 compared to just two in the same period of 2023 Meanwhile, the Mid-Market and Luxury segments maintained levels nearly identical to those seen in 2023, reinforcing the market’s overall health and resilience
LAKE TOXAWAY
Q4 Homes Sold
HIGHLANDS REGION
MARKET FORECAST
Plateau Market Anticipates Quiet First Quarter, Poised for Spring Rebound as Inventory and Buyer Activity Increase
The first quarter of 2025 may start off at a measured pace due to limited new inventory and seasonal market trends. However, as temperatures rise and spring approaches, we anticipate an uptick in inventory and renewed buyer activity across the region, setting the stage for a vibrant market in the months ahead.
We will continue to monitor showing trends to better understand buyer migration patterns as the year progresses. Overall, Highlands, Cashiers, and Lake Toxaway remain strongholds in the luxury market, with steady demand expected to persist throughout 2025.
