Bellingham, Washington is a picturesque city nestled in the Pacific Northwest, between the Cascade Mountains and the San Juan Islands. The city is known for its vibrant arts scene, outdoor recreation opportunities, and its close proximity to both Seattle and Vancouver, British Columbia. But how is the current real estate market in Bellingham? Let's take a closer look. Market Overview Like many areas across the country, Bellingham is experiencing a strong seller's market. According to data from the NWMLS, the median home value in Bellingham is $530,000, which represents a 19.5% increase over the past year. The average price per square foot is $370, which is higher than the Bellingham Metro average of $308.
Inventory is low in Bellingham, which means that there are more buyers than there are available homes. In January 2023, there were just 102 homes for sale in Bellingham, which is down from 159 in January 2022. This low inventory is driving up prices and creating a highly competitive market.
Demand is also high, thanks in part to the city's growing popularity. Bellingham has experienced significant growth in recent years, with a population increase of 11% between 2010 and 2020, according to the U.S. Census Bureau. The city's location and lifestyle offerings have attracted many new residents, which is contributing to the high demand for housing.
Market Trends One notable trend in the Bellingham real estate market is the increasing popularity of condos and townhomes. In 2022, the median sale price for a condo in Bellingham was $362,000, which is a 22.5% increase from the previous year. Meanwhile, the median sale price for a single-family home was $641,000, representing a 17.5% increase over the same period.
Another trend in the Bellingham market is the growing number of homes being sold above asking price. In 2022, 63% of homes sold in Bellingham went for more than their list price, according to Redfin. This is up from 49% in 2021 and just 23% in 2020. This trend is a clear indication of the high demand and low inventory in the market.
Advice for Buyers and Sellers For buyers in the Bellingham market, it's important to be prepared for a competitive buying process. This may include being pre-approved for a mortgage, working with a local real estate agent, and being willing to act quickly when a desirable property becomes available.
For sellers, now is a great time to list your home. With low inventory and high demand, you may be able to sell your home quickly and for a higher price than you would have in previous years. However, it's still important to work with a knowledgeable real estate agent who can help you navigate the market and ensure that you get the best possible price for your property.
In conclusion, the current real estate market in Bellingham is strong and competitive, with low inventory, high demand, and increasing prices. Whether you're a buyer or a seller, it's important to work with a trusted real estate agent who can help you navigate the market and achieve your goals.
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