LUXURY MARKET
& FORECAST
Highlands-Cashiers Plateau | Q1 2024
REPORT
contents
Q1 Market Report & Forecast | April 2024
MARKET REPORT
Year-over-year sales have surged in the majority of areas across the Plateau, with the ultra-luxury segment $2M+ leading the way. Inventory has begun to thaw as many buyers seek to capitalize on equity gains over the past 36 months.
COMMUNITY UPDATES
Highlands Cashiers
Lake Toxaway
FORECAST
Cash buyers, coupled with strong demand across the region, have continued to drive values to all-time highs, not only in Highlands and Cashiers, but also across most markets in Western North Carolina.
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.
Current Trends
Interest rates have remained steady around 7%, which initially sidelined some buyers. However, many have adjusted to this new normal. We anticipate cash transactions will dominate especially in the luxury $1M$1.99M and ultra-luxury $2M+ segments as we head into the spring selling season. For instance, Highlands experienced seven ultra-luxury sales over $2M in the first quarter, with all being cash transactions. We expect this trend to persist throughout 2024.
HIGHLANDS
Highlands continues its run of year-over-year sales increases in both the luxury and ultra-luxury markets during the first quarter. The luxury range saw moderate gain with 13 sales in 2024 vs 10 in 2023, but the major win was in the ultra-luxury, $2M+ range where we saw a 133% increase in sales. Inventory has risen slightly year-over-year and it appears that demand has also continued to rise with national media attention given to Highlands over the previous 12 months. We expect our newest flagship listing Sagee Manor to gain even further national exposure for the area, as it has already been featured in the Wall Street Journal, Fox News, and Mansion Global, to name a few. As the weather continues to warm, buyers and sellers will flock to the area for the spring and summer selling season.
LAST 90 DAYS
HIGHLANDS
Q1 Homes Sold
CASHIERS
This market continues to beat year-over sales, with all three price ranges up in year-over-year sell-through. Traditionally a seasonal market, demand has continued to rise, while inventory numbers have remained fairly consistent. This has pushed values higher across the board with no real end in sight. The ultra-luxury range saw the biggest increase, with units sold up from one in 2023, to seven in 2024. Regional buyers from cities such as Atlanta and Birmingham continue to target Cashiers for its tempered summer climate, world class golfing, and robust outdoor scene.
LAST 90 DAYS
CASHIERS Q1 Homes Sold
LAKE TOXAWAY
Lake Toxaway rebounded from a muted fourth quarter of 2023, with positive sales numbers across the board in the first quarter of 2024. This market is small in numbers and most quarterly sales numbers can be counted on one hand in each of the price points. With moderate inventory gains during the first quarter, we look for values to continue to rise as demand will continue to outstrip supply, causing prices to climb.
LAST 90 DAYS
LAKE TOXAWAY Q1 Homes Sold
MARKET FORECAST
Cash Buyers Flock to the Area as the Luxury Market Gains Steam Across the Mountains of Western North Carolina.
Cash transactions are expected to continue driving both the luxury and ultra-luxury markets. Consumers in the mid-market appear to have adjusted to mortgage interest rates in the 6.5 - 7% range. Values are anticipated to rise further if demand remains strong, despite inventory challenges. New construction projects are likely to influence the market positively in 2024, making it a promising year for luxury real estate.
REGION
HIGHLANDS
you LET US HELP YOU NAVIGATE THE JOURNEY center yourself next?
Where will
RECENTLY OFFERED 747 McConnel Road Scaly Mountain, NC $8,950,000 Sagee Manor Estate Highlands, NC $49,999,000 1290 Dillard Road Highlands, NC $1,779,000 TBD Owl Hollow Road Cashiers, NC $2,595,000
Significant Sales
Brookside Lane | $2,048,500
Helms - Representing Seller
& Bee Gleeson - Representing Buyer
72
Doug
Pat
Our Offices
Highlands-Cashiers
210 North Fifth Street
Highlands, NC 28741
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
