At A Glance

Median Closed Sales Price

Whatcom: $637,250

  1. Bellingham - $717,750
  2. Lynden - $685,000
  3. Ferndale - $640,000
  4. Blaine/Birch Bay - $618,000

# Homes Closed

Whatcom: 2272

  1. Bellingham - 952
  2. Blaine/Birch Bay - 353
  3. Ferndale - 279
  4. Lynden - 208

YOY Price Appreciation

Whatcom: 8%

  1. Blaine/Birch Bay - 11.3%
  2. Lynden - 6.4%
  3. Ferndale - 5.6%
  4. Bellingham - 5.5%

Data Summary

When rates shifted in 2022 and the residential market slowed down, many people predicted that prices would fall severely. While prices did soften into the latter half of 2022, median sales prices have not dropped anywhere near to pre-Covid prices. The median sales price in Bellingham for 2024 is 61% higher than the median sales price for 2019. Whatcom County's median home sale prices continue to increase, with the 2024 annual median showing 8% price growth from 2023.

The total number of home sales in the county are sharply down since 2021 (31%), and we are currently in a period of the lowest annual sales count since the Great Recession. More listings are expiring or cancelling, unsold.

Recommendations

  • Sellers should prepare to make repairs and adjust pricing for the condition of their home. Your home should be analyzed against cancelled & expired listings, not just active, pending, and sold comparables.
  • Sellers also need to be prepared to offer credits towards buyer closing costs and rate buydowns.
  • Buyers have more inventory to look at and much more negotiating power than they have had in the past 3-4 years.
  • The cost of borrowing money is a primary concern for buyers and is restricting the active buying pool.
  • Buyers should keep their preapproval current, and avoid listening to speculation around rates.

Whatcom County

Total Sales: 2272, the lowest annual sales period in more than a decade.

Median Closed Price: $637,250, at the annual highest in NWMLS data history.

YOY Appreciation: 8%. 5 year appreciation: 59% (avg. of 11.8% per year). Home prices have approximately doubled since 2017.

Median Days on Market: 15. However, the average DOM was 36. More than 200 homes were on the market for 120+ days.

Expireds & Cancelleds: 740 listings cancelled or expired in 2024. 1 out of 4 listings failed to sell in their initial listing period.

Bellingham

Total Sales: 952, with annual home sales down 60% compared to 2017 and 45% compared to 2021.

Median Closed Price: $717,750, at the annual highest in NWMLS data history.

YOY Appreciation: 5.5%. 5 year appreciation: 61.7% (avg. of 12.34% per year). Home prices have approximately doubled since 2017.

Median Days on Market: 8. However, the average DOM was 25. About 50 homes were on the market for 120+ days.

Expireds & Cancelleds: 310 listings cancelled or expired. Nearly 1 out of 4 listings failed to sell.

Ferndale

Total Sales: 279, with 2024 sales down 43% compared to 2021.

Median Closed Price: $640,000, at the annual highest in NWMLS data history.

YOY Appreciation: 5.6%. 5 year appreciation: 58.4%. Home prices have approximately doubled since 2017.

Lynden

Total Sales: 208, with annual home sales down 40% compared to 2017 and 32% compared to 2021.

Median Closed Price: $685,000, which ranks second after Bellingham.

YOY Appreciation: 6.4%. 5 year appreciation: 72.5%. Home prices have approximately doubled since 2017.

Blaine/Birch Bay

Total Sales: 353

Median Closed Price: $618,000, at the highest in NWMLS reporting history.

YOY Appreciation: 11.3%. 5 year appreciation: 73.4%. Home prices have approximately doubled since 2018.

Information and statistics derived from Northwest Multiple Listing Service. Data includes single family homes (not residential condos, manufactured homes, or land lots).