Bellingham, WA Housing Market
AI-powered market intelligence for the Bellingham, WA metro area.
PropertyIQ Scores
Bellingham, WA Market Analysis
Market Overview
Bellingham’s housing market earns a PropertyIQ Score of 56 out of 100, placing it in moderate territory. The market shows a mix of strengths and pressures. The median home value is $621,276, about $19,700 above the Washington state average of $601,545. The rent index is $1,986, compared with the state average of $1,682, suggesting stronger rent levels or higher housing costs than much of the state. The unemployment rate is 4.6%, below the state average of 5.2%, which generally supports housing demand. At the same time, the median household income is $80,989, below the state average of $94,952. That income gap creates affordability challenges when paired with above-state home values.
The score’s top drivers illustrate the mixed picture. The 12-month home value momentum is positive at 3.90%, but the 3-month home value momentum is negative at -0.80%. This suggests a market that gained value over the past year but has softened more recently. The median days on market is 48 days, and 17.2% of listings have had a price cut. These factors point to a market that is not overheated and where sellers may need to price carefully. Population growth data is not available in this dataset, so the demand outlook cannot be fully measured.
Key Trends
One key trend is cooling price momentum. The 12-month home value momentum of 3.90% indicates some appreciation over the past year, but the 3-month momentum of -0.80% shows recent softening. The reported year-over-year home value change of $-4 is effectively flat. Together, these numbers suggest the market has shifted from modest annual growth to near-term flatness or mild decline.
A second trend is cautious inventory and pricing behavior. Bellingham has 971 homes for sale, a median days on market of 48 days, and 17.2% of listings with a price cut. Nearly one in five active listings has reduced its asking price, which signals that sellers are adjusting to buyer resistance or slower demand. A 48-day median days on market is not extreme, but combined with the price-cut share, it suggests a market where buyers have some negotiation room.
Affordability is another clear trend. The median home value of $621,276 is higher than the state average of $601,545, while the median household income of $80,989 is lower than the state average of $94,952. This means Bellingham homes are more expensive than the state norm even though local incomes are lower. The rent index of $1,986 is $304 above the state average of $1,682, which may support rental property interest but also adds to affordability pressures for residents.
Finally, the labor market is a relative bright spot. Bellingham’s unemployment rate of 4.6% is below the state average of 5.2%. A stronger local job market can support housing demand, though the below-state median income tempers that advantage.
Who Is This Market For
This market is best suited for buyers and investors with a moderate risk tolerance and a longer time horizon. The negative 3-month momentum of -0.80% and the 17.2% share of listings with price cuts may appeal to buyers who are willing to negotiate and can wait for the right property. Owner-occupants planning to stay for several years may find opportunities, especially if they are not relying on rapid short-term appreciation.
The rental profile may attract income-focused investors. The rent index of $1,986 is well above the state average of $1,682, which suggests relatively strong rent levels compared with Washington overall. However, investors should weigh the median home value of $621,276 against those rents. The below-average median household income of $80,989 also means local renters may face limits on how much rent they can absorb.
First-time buyers may face a tougher path. With a median home value of $621,276 and a median household income of $80,989, local incomes are lower than the state average while home values are higher. While the PropertyIQ Score of 56 and the 17.2% price-cut share indicate some buyer leverage, first-time buyers may need higher incomes, larger down payments, or flexible locations within the market.
Outlook
The near-term outlook for Bellingham is for a moderating or balanced market rather than rapid price growth. The negative 3-month home value momentum of -0.80%, the 17.2% share of listings with price cuts, and the 48-day median days on market all point to cooler conditions in the immediate term. At the same time, the positive 12-month momentum of 3.90% and the unemployment rate of 4.6% below the state average suggest the market is not in freefall. Affordability constraints, driven by above-state home values and below-state income, are likely to limit how quickly demand can absorb the current inventory of 971 homes. Unless income growth or population growth accelerates, the data supports a cautious, steady environment where buyers may retain negotiating power and sellers need to price competitively. The missing population growth figure remains a key unknown for longer-term demand.
AI-generated analysis based on current market data. Last updated August 19, 2026.
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Bellingham, WA market data
Bellingham, WA Housing Market Overview
Bellingham, WA's median home value is $621K, up 3.9% over the past year. Homes here sell in a median 48 days. Its PropertyIQ Score of 56 sits right around the state average of 50.
Understanding the Bellingham, WA housing market requires looking beyond headline price figures. The PropertyIQ Score reads both sides of market strength: Zillow price momentum across 3- and 12-month windows, and Realtor.com flow signals — days on market and the share of listings with price cuts. Together they predict how this WA metro is set to perform relative to the rest of its state.
Pacific Coast housing markets feature the nation's highest price points alongside strong wage growth from technology, entertainment, and trade sectors. Supply constraints from geographic barriers and regulatory environments create persistent affordability challenges but also strong long-term appreciation potential. Within the Pacific, Bellingham, WA's PropertyIQ Score of 56 tracks near the Pacific norm.
Washington state's housing market is heavily influenced by Seattle's tech economy, with Amazon, Microsoft, and Boeing employment driving both price appreciation and demand volatility as hiring cycles fluctuate.
The PropertyIQ Score for the Bellingham, WA market is built from four inputs: Zillow home-value momentum over twelve months, Zillow home-value momentum over three months, the median days listings spend on the market (Realtor.com), and the share of listings with a price cut (Realtor.com). The score runs on a 1 to 99 scale computed across all metro markets nationally and calibrated so 50 equals the state average — a score above 50 means this market is positioned to outperform its state, and a score below 50 means it is set to lag. Momentum here has been positive, with home values up 3.9% over the past year.
Use PropertyIQ's interactive analytics to compare Bellingham, WA against any other US metro on its PropertyIQ Score and underlying metrics. Generate a free AI market report, explore historical trends on the graphs page, or see how this market ranks on the scores dashboard.
Counties in the Bellingham, WA metro area
ZIP codes in the Bellingham, WA metro area
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Market data through July 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Bellingham, WA a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Bellingham, WA currently scores 56, a steady-momentum reading that leaves it tracking close to its state average. For buyers, a balanced market means neither side holds a decisive edge, giving you time to shop carefully without racing the clock. Backing that up, the median home value here is $621K, up 3.9% over the past year. So whether Bellingham, WA is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Bellingham, WA?
Bellingham, WA's PropertyIQ Score is 56, indicating steady momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 56 places Bellingham, WA above its state benchmark.
Are home prices in Bellingham, WA rising or falling?
Home prices in Bellingham, WA are rising. Over the past year, the median home value increased 3.9%, reaching $621K. Over the latest three months, values slipped 0.8%, a sign near-term demand is softening. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Bellingham, WA's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Bellingham, WA?
In Bellingham, WA, homes sell in a median of 48 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 17% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Bellingham, WA market data is refreshed on a monthly cycle, with the latest figures current through July 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.