Highlands-Cashiers Plateau Luxury Market Report and Forecast Q4 2023

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.

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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.

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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.

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