& FORECAST
Highlands-Cashiers Plateau | Q2 2025
contents
Q2 Market Report & Forecast | July 2025
MARKET REPORT
Cashiers continued its upward momentum across all price segments, while Highlands experienced a slowdown in high-end sales. Lake Toxaway remained quieter in the mid and luxury tiers but posted strong results in the ultra-luxury market, solidifying its reputation as an elite mountain retreat.
COMMUNITY UPDATES
Highlands Cashiers
Lake Toxaway
FORECAST
As we move into the third quarter, expectations remain cautiously optimistic. While the broader U.S. housing market continues to wrestle with economic constraints, new construction inventory, and elevated borrowing costs, the Plateau is buffered by lifestyle-driven demand and a high concentration of cash buyers.
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Current Trends
As we closed out the second quarter of 2025, the Plateau's luxury market reflected both the natural seasonality of the region and the broader economic forces shaping buyer behavior across the region and country. While the migration trend toward the Southeast remains firmly in place, elevated mortgage rates and cautious consumer sentiment continue to influence activity, particularly in the luxury and ultra-luxury segments. Western North Carolina continues to attract lifestyle-driven purchasers who are less sensitive to financing conditions, especially in the $2 million and above range.
In our region, second-quarter data reveals a mixed but telling picture. Cashiers continues to gain strength across all three monitored price segments, while Highlands has seen slowdowns at the upper end of the market. Lake Toxaway, though quieter in the mid and luxury ranges, posted another strong quarter for ultra-luxury homes, reinforcing the area's growing appeal as a high-end retreat.
HIGHLANDS
Highlands saw consistent performance in the mid-market segment
$600K–$999K, with 12 closed sales matching the second quarter of 2024’s total. However, both the luxury $1M–$1.99M and ultra-luxury
$2M+ tiers experienced significant year-over-year declines. Luxury sales dropped from 24 to 12 closings, while ultra-luxury fell from 10 to just 4. Inventory across all segments has grown, particularly at the high end, suggesting the need for adjusted pricing strategies as we head into the second half of the year. This data underscores a softening in the top tier of the Highlands market, where increased supply and shifting buyer expectations may lead to recalibrated pricing strategies as we move into the second half of the year.
HIGHLANDS
CASHIERS
Cashiers, by contrast, posted gains across nearly every segment, reaffirming its position as one of the region’s most dynamic markets. The luxury market posted a healthy increase, closing 11 sales this quarter compared to nine a year ago. Although pending contracts currently sit at three, inventory remains manageable at 21 listings, which may keep this segment balanced heading into the summer months.
The ultra-luxury segment held steady year-over-year, with 12 closed sales in both the second quarter of 2024 and 2025. However, with seven properties currently under contract and a total of 39 listings available, demand appears strong and wellmatched to existing inventory. This continued stability, paired with meaningful pending activity, suggests that Cashiers is wellpositioned for sustained strength in the months ahead, particularly as seasonal travel peaks and high-end buyers return to the market.
CASHIERS
Q2 Homes Sold
LAKE TOXAWAY
Lake Toxaway continues to show contrasting trends, with limited activity in the mid and luxury tiers, while the ultra-luxury market gains notable momentum. The luxury segment recorded just one closing and two pending sales this quarter, down slightly from two closings during the same period last year. With only six homes currently listed in this price range, inventory remains lean, which may help stabilize prices despite the lull in transactions.
The ultra-luxury market remained strong, with five $2M+ sales. more than double 2024’s second quarter total. While three homes are under contract, 24 active listings offer buyers ample high-end options. Lake Toxaway continues to attract affluent second-home buyers seeking a quieter alternative to crowded markets.
alternative to busier markets.
LAKE TOXAWAY
Q2 Homes Sold
HIGHLANDS REGION
MARKET FORECAST
Lifestyle Buyers and Cash Sales Sustain
Plateau Stability Entering the Third Quarter
As we move into the third quarter, expectations remain cautiously optimistic. While the broader U.S. housing market continues to wrestle with economic constraints, new construction inventory, and elevated borrowing costs, the Plateau is buffered by lifestyle-driven demand and a high concentration of cash buyers. With many purchases in the luxury and ultra-luxury tiers closing without financing, these segments remain more insulated from the effects of rising interest rates.
Increased inventory in Highlands and a quieter pace in Lake Toxaway’s mid-market tier suggest that pricing may need to adjust in certain areas. Conversely, Cashiers’ consistent strength across all three price brackets offers a compelling story of resilience and sustained demand.
Migration to Western North Carolina continues to be a driving force behind the market’s long-term outlook. With more buyers seeking space, privacy, and year-round recreation, the Highlands-Cashiers Plateau remains one of the Southeast’s most desirable destinations.
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Our Offices
Highlands-Cashiers
210 North Fifth Street
Highlands, NC 28741
828-482-5022
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Asheville, NC 28801
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527 Causeway Drive
Wrightsville Beach, NC 28480
910-300-5140
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1515 Mockingbird Lane Suite 900
Charlotte, NC 28209
704-817-9826
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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
