Whatcom County home prices see a hopeful decrease, although still higher than last year
Home sale prices in Whatcom County increased in November, while Washington has the fifth 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 so far this year, according to Redfin Metro Area Data. Redfin, a residential real estate brokerage, uses home listings to generate metro area data.
In November, Whatcom’s median home sale price fluctuated, jumping to $702,500 on Nov. 20, then dropping to $514,000 on Nov. 27, the lowest price since Oct. 2022.
Jason Lee, a local broker with Windermere Real Estate in Bellingham, said Whatcom County’s median sale price was $597,000 across the month of November, a 7.6% increase compared with October and a 11.6% increase compared with November 2022, Lee wrote in an email to The Bellingham Herald.
“Most people want to relax and enjoy the holidays so we’re seeing our typical seasonal drop in local active inventory. This week inventory of homes and condos dropped below the 500 mark for the first time since late April 2023,” Lee wrote.
Whatcom County home prices were up 6.5% in October 2023 compared to 2022, according to Redfin’s Whatcom County Housing Market Trends.
As Whatcom County’s median home sale price is $514,900, San Juan County had the highest median home sale price of $1,727,500, and Lincoln County had the lowest of $105,000.
Bellingham’s housing market
In Bellingham, Zillow home values decreased throughout early 2023, then began to increase in May. The median Zillow home value in Bellingham was $660,894 across October, up from $659,580 in September. Zillow is a real estate company that collects data on real estate, apartments and home values.
In November, Bellingham’s median sale price was $628,000 according to Lee of Windermere Real Estate, a 8.3% decrease compared with October and a 1.3% increase compared with November of last year, Lee wrote.
“For 2024, I am expecting mortgage rates to continue lower causing buyers that were sidelined by mortgage rates in 2023 to reenter the market. I believe demand for housing in our area should continue to exceed supply,” Lee wrote.
Washington state housing market
Washington is the fifth-most expensive state in which to purchase a home, according to November 2023 data, trailing California with a median home value price of $800,100, Hawaii at $731,100, Colorado at $624,000 and Massachusetts at $609,200.
Across Washington state, home prices have increased by 0.7% between April and October, as October reached a median home value price of $601,600, according to Redfin.
