Bellingham’s home prices drop compared with last month, as Whatcom County costs increase

Median home sale prices in Whatcom County increased in August, while Washington state remains the third-most expensive state in which to buy a home.

Whatcom housing market

Whatcom County’s median home sale price has fluctuated throughout 2023. The median home sale price reached an extreme high of $682,000 on Jan. 2, 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 August, Whatcom’s median home sale price fluctuated, rising to $624,000 on August 14, then dropping to $586,475 on August 28.

In July, Whatcom’s median home sale price was $524,250, the lowest price since February and $62,225 less than August’s latest median price.

Jason Lee, a local broker with Windermere Real Estate in Bellingham said Whatcom County’s median sale price was $542,000 in August, an 1.3% increase compared with July and a 5.7% decrease compared with August of 2022, Lee wrote in an email to The Bellingham Herald.

“Mortgage rates have now spent a full year in the 6-7% range. This rate environment has created headwinds for buyers and sellers, however it does feel like some reticent acceptance has occurred. The hope remains that rates will drop below 6% by the start of summer 2024,” Lee wrote in the email.

Whatcom County home prices were down 2% in July 2023 compared to 2022, according to Redfin’s Whatcom County Housing Market Trends.

As Whatcom County’s median home sale price is $586,475, Klickitat County had the highest median home sale price of $950,000, and Columbia County had the lowest of $146,000.

Bellingham’s housing market

In Bellingham, Zillow home values decreased throughout early 2023, until beginning to increase in May. The median Zillow home value in Bellingham was $671,371 across the month of July, up from $668,069 in June. Zillow is a real estate company that collects data on real estate, apartments and home values.

In August, Bellingham’s median sale price was $643,000 according to Lee of Windermere Real Estate, a 2,4% decrease compared with July and a 5.4% decrease compared with August of last year, Lee wrote.

Washington state housing market

Across Washington state, home prices have increased by 12.56% between December 2022 and June 2023, as June reached a median home value price of $621,000, according to Redfin.

Washington is the fourth-most expensive state in which to purchase a home, according to July 2023 data, following California with a median home value price of $798,600, Hawaii at $712,600 and Massachusetts at $640,300.