Whatcom County home prices increase as Bellingham sees a slight drop in real estate costs

Home sale prices in Whatcom County increased in January, although Bellingham prices decreased, and Washington state has the third most-expensive homes in the country.

Whatcom housing market

Whatcom County’s median home sale price has fluctuated throughout 2023. The median home sale price reached an extreme high of $702,500 on Nov. 20, the highest price recorded in 2023, according to Redfin Metro Area Data. Redfin, a residential real estate brokerage, uses home listings to generate metro area data.

In January, Whatcom’s median home sale price fluctuated, starting at $652,500 on Jan. 15, then dropping to $599,900 on Jan. 22.

Jason Lee, a local broker with Windermere Real Estate in Bellingham, said Whatcom County’s median sold price across January was $610,000, an 11.1% increase compared with December and a 14.9% increase compared with January 2023, Lee wrote in an email to The Bellingham Herald.

“Inventory remains at near term lows with only 340 active homes available in Whatcom County at the time of publication. That’s 30% less inventory than one year ago,” Lee wrote.

As Whatcom County’s median home sale price was $599,900 according to Redfin. San Juan County had the highest median home sale price of $950,000, and Klickitat County had the lowest at $210,000.

Bellingham’s housing market

The median price of homes sold in January in Bellingham was $625,142, a 0.8% decrease compared to January 2023, according to data from Rocket Homes.

In January, Bellingham’s median sale price was $690,000, according to Lee of Windermere Real Estate, a 4.2% decrease compared with December and a 22.1% increase compared with January of last year, Lee wrote.

“It feels like buyers and sellers are beginning to come out of winter hibernation to prepare for our seasonal spring increase in market activity, as measured by the phone calls and emails I’m receiving and in talking to other agents,” Lee wrote.

“With conventional 30-year mortgage rates hovering just below 7%, I’m encouraging buyers to speak with lenders about the FHA loan product. The FHA rate has been much lower, 6.2% at time of publication, and provides interest savings and additional buying power,” Lee wrote.

Washington state housing market

Washington’s median home sale price in January 2024 was $589,000.

Washington is the third-most expensive state in which to purchase a home, according to January 2024 data, following California with a median home value price of $758,300 and Hawaii at $756,400.