Q1 2025 followed expected seasonal trends on the Plateau, with softer activity in the mid- and luxury markets but strong momentum in the ultra-luxury segment Despite tight inventory, ultra-luxury sales in Highlands and Cashiers exceeded last year ’ s levels, highlighting continued demand from regional buyers.
COMMUNITY UPDATES
Highlands Cashiers
Lake Toxaway
FORECAST
Spring surge expected as ultra-luxury leads and demand stays strong across the plateau
PODCAST
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Current Trends
The first quarter of 2025 brought a continuation of seasonal patterns across the Plateau, with modest shifts in buyer activity across all three core segments: mid-market $600K–$999K, luxury market $1M–$1 99M, and ultra-luxury market above $2M. As anticipated, inventory remained tight in some segments, but the ultra-luxury sector continues to demonstrate remarkable resilience and buyer demand. While the mid-market and luxury market sales volume generally declined compared to the first quarter of 2024, the ultra-luxury activity in both Highlands and Cashiers outpaced last year ’ s totals, underscoring the enduring appeal of the Plateau for regional buyers.
HIGHLANDS
The ultra-luxury market, above $2M led the first quarter with 10 closed sales, up from seven in the first quarter 2024, reflecting strong high-end demand. However, increased buyer choice may influence pricing this spring with only two properties under contract and 40 active listings
In contrast, the mid-market and luxury segments saw declines, with eight and nine closed sales respectively, down from 13 each last year Active listings rose slightly to 26 in the mid-market and 27 in the luxury tier
While these segments started slower, Highlands appears well-positioned for a rebound heading into the traditionally strong spring and summer seasons.
HIGHLANDS
Q1 Homes Sold
CASHIERS
First quarter performance was defined by strength at the top of the market. The ultra-luxury market above $2M recorded nine closed sales, compared to seven in the first quarter of 2024, with an impressive 10 properties currently under contract, signaling strong momentum for the second quarter Conversely, the luxury market $1M–$1 99M, saw a steep yearover-year decline, with two closings this quarter versus nine in the first quarter of 2024 Five pending sales hint at a possible rebound in the months ahead. The mid-market held steady with four sales vs. five last year and limited inventory at just 11 listings. Overall, Cashiers continues to attract high-end buyers drawn to its privacy, elevation, and refined mountain lifestyle.
CASHIERS
Homes Sold
LAKE TOXAWAY
Lake Toxaway showed continued momentum in the $2M+ segment, posting five closed sales in the first quarter of 2025, up from four in the first quarter of 2024. With 15 active listings and only only home under contract, the market appears well-stocked heading into spring.
Luxury market activity dropped to four closings from 11 in the first quarter of 2024, while the mid-market saw no sales, down from one first quarter of 2024.
Though Lake Toxaway’s lower and mid-tier price brackets are off to a slow start, its appeal at the upper end of the market remains strong. As the weather warms, we expect a return of seasonal buyers and increased showing activity, particularly in the $2M+ range
LAKE TOXAWAY
Q1 Homes Sold
HIGHLANDS REGION
MARKET FORECAST
Spring Surge Expected as Ultra-Luxury
Leads and Demand Stays Strong Across the
Plateau
Looking ahead, all three markets are positioned for a traditional spring resurgence The Ultra-Luxury segment continues to outperform yearover-year, and as new inventory becomes available, we anticipate this momentum will carry into the second quarter and beyond.
Key factors to monitor include showing trends, contract-to-close timelines, and the pace at which new inventory enters the market. Given continued limited new construction and strong demand, pricing in the high end should remain stable or rise slightly in desirable areas.
Overall, the Plateau remains one of the Southeast’s most compelling luxury markets, offering a unique blend of seclusion, natural beauty, and investment potential.
