LUXURY MARKET REPORT & FORECAST Highlands-Cashiers Plateau | Q4 2023
contents Q4 Market Report & Forecast | January 2024 MARKET REPORT Sales continue to be a mixed bag across the Plateau, depending on location, price point, and inventory. Limited inventory in some price segments could stifle sellthrough in the first quarter while pushing prices higher.
COMMUNITY UPDATES Highlands Cashiers Lake Toxaway
FORECAST Increased demand in some segments, coupled with decreasing interest rates, should positively affect sell-through in the First Quarter of 2024. Demand has remained high as North Carolina sees inbound migration continue to boost the housing market across the state.
PODCAST For market forecasts, interviews, and house marketing ideas, join the team at Christie's Highlands-Cashiers for the latest in Carolina's luxury real estate content.
3rd Quarter Luxury Market Report
Current Trends Cash is still king across the Plateau in both the Luxury and Ultra-Luxury markets. In Highlands during the fourth quarter, we saw 14 closed sales over $2M with 13 of those transactions being closed as all cash, which is over 92%. In the luxury range ($1M - $1.99M) over 70% of those transactions were closed as all cash, with no mortgage involved. As interest rates hover around 6.6% we expect this trend to continue across the region moving into the first quarter of 2024.
HIGHLANDS The ultra-luxury segment saw a rise in total sales as the midmarket and luxury subsets were down slightly year over year. Inventory in the luxury and ultra-luxury price points are starting to see increased numbers, while the mid-market continues to be at historically low levels. Pending sales are on par with recent quarters and should produce acceptable closed transactions during the first quarter of 2024.
LAST
HIGHLANDS
Q4 Homes Sold
SIX MONTHS
CASHIERS Cashiers has turned in solid fourth quarter numbers with sell-through up in two of the three price ranges that we track every quarter. The mid-market saw a 67% jump in units sold, while the ultra-luxury range saw a 20% jump. Cashiers tends to be a very seasonal market and we expect inventory and units sold to rise during the second and third quarters of 2024. With persistent low inventory appreciation levels should continue to climb in both the short and long-term outlooks.
LAST SIX MONTHS
CASHIERS
Q4 Homes Sold
LAKE TOXAWAY While Highlands and Cashiers posted solid fourth quarter numbers, the Lake Toxaway market was a bit muted, but did see gains in the mid-market ($600k - $999k) price point as well as the luxury ($1M - $1.99M). Inventory is at a standstill and is not anticipated to bounce back until the early spring when the temperatures start to rise. Pending sales in the ultra-luxury range are relatively high and should produce a great first quarter at the lake.
LAST SIX MONTHS
LAKE TOXAWAY
Q4 Homes Sold
RECENTLY OFFERED
747 McConnel Road Scaly Mountain, NC
$8,950,000
TBD Owl Hollow Road Cashiers, NC $2,595,000
855 Moorewood Circle Highlands, NC $1,420,000
16 S Sassafras Court Highlands, NC $2,975,000
HIGHLANDS REGION MARKET FORECAST Cash Buyers Coupled By Strong Demand Propel Luxury Sales Across The Region Inventory across Western North Carolina has continued to lag as strong demand pushes prices higher in all price points. Interest rates have started to decline from their peak of over 8%, which should drive buyers in the mid-market from the sidelines. As the financial markets continue to see all-time highs, expect the luxury and ultra-luxury segments to be cash-heavy as buyers look to diversify their personal holdings. 2024 should shape up to be a great year in real estate across the Plateau.
Our Offices Highlands-Cashiers 210 North Fifth Street Highlands, NC 28731 828-482-5022 Asheville Office - Ivester Jackson Blackstream 18 S Pack Square Asheville, NC 28801 828-367-9001 Wilmington Office - IJ Coastal 527 Causeway Drive Wrightsville Beach, NC 28480 910-300-5140 Charlotte Office 1515 Mockingbird Lane Suite 900 Charlotte, NC 28209 704-817-9826 Lake Norman Office 21025 Catawba Ave #101 Cornelius, NC 28031 704- 655-0586 Lake Norman North Shore Office 350 Morrison Plantation Parkway, Suite C1 Mooresville, NC 28117 980-435-5169
LISTEN TO OUR PODCAST AND VISIT OUR VIDEO PAGE Check out our podcast and videos featuring lifestyle pieces, market information, and North Carolina guides!
VISIT OUR WEBSITE HighlandsCashiersCIRE.com