Bellingham, WA—98226
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Bellingham, WA
As of Oct '25, the median home price in Bellingham, WA is $639,000, with a year-over-year change of 0.9%. This indicates that home prices in Bellingham, WA are flat. According to Zillow, the 1-year price projection is 0.7%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $639,000 | 0.9% |
| Single Family | $673,000 | 0.1% |
| Condos | $400,000 | -2.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $340,000 | -1.7% |
2 Bed | $469,000 | 0.9% |
3 Bed | $655,000 | 0.5% |
4 Bed | $833,000 | -0.2% |
| 5 Bed | $986,000 | 0.3% |
% of Housing Stock
Rental Trends — Bellingham, WA
As of July '25, Rentcast reports the average rent in Bellingham, WA is $2,290, with a year-over-year rent change of 3.6%. Per bedroom, the median rent as of July '25 in Bellingham, WA is studios: $1,440, 1-bedrooms: $1,600, 2-bedrooms: $1,910, 3-bedrooms: $2,640, 4-bedrooms: $3,580. The most common rental property sizes in Bellingham, WA are 2-bedroom and 1-bedroom, accounting for 43.6% and 21.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,300 | $2,290 |
| Studio Rent | $1,400 | $1,440 |
| 1 Bed Rent | $1,600 | $1,600 |
| 2 Bed Rent | $1,800 | $1,910 |
| 3 Bed Rent | $2,700 | $2,640 |
| 4 Bed Rent | $3,500 | $3,580 |
% of Rental Stock
Property Listings — Bellingham, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Bellingham, WA is 72. This is a increase of 24.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 20.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $643,000 | -13.0% |
Listing Count | 229 | 54.0% |
| Listings as % of Homes | 0.5% | 54.0% |
Days on Market | 72 | 24.0% |
Demographics — Bellingham, WA
As of the latest ACS Survey released in 2023, Bellingham, WA has a population of 45,700, which has increased by 3.0% over the past 5 years. Bellingham, WA is a moderately popular place for families, as children make up 17.4% of the population. The area has a moderately educated workforce, with 39.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 45,700 | 3.0% |
% Under 18 | 17.4% | -19.8% |
% Seniors | 20.1% | 18.9% |
% WFH | 12.9% | 180.4% |
% w/ College Degree | 39.5% | 11.9% |
As of the latest ACS Survey released in 2023, Bellingham, WA is a predominantly white area, with 72.1% of the population identifying as white. The white population has shrunk by 0.7% in the last 5 years. The second most common race or ethnicity in Bellingham, WA is hispanic, making up 8.8% of the population. Foreign-born residents account for 10.6% of the population in Bellingham, WA, and this percentage has decreased by 10.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 72.1% | -0.7% |
% Black | 1.3% | -13.3% |
% Hispanic | 8.8% | -5.4% |
% Asian | 6.4% | -3.0% |
% Foreign Born | 10.6% | -10.9% |
Mortgage and Risk — Bellingham, WA
According to HUD data as of 2023, there were 628 mortgage originations in Bellingham, WA, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 13.0% above 90% LTV (elevated). This implies medium mortgage risk in Bellingham, WA. Investor activity is low, as 5.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 628 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 5.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Bellingham, WA
As of 2024, the percent of homes in Bellingham, WA under the Section 8 program is 8.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Bellingham, WA, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 625 |
Total Units Section 8 | 603 |
% Rentals under Section 8 | 8.5% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$280 | $1,600 | $1,320 |
| 2 Bedroom | -$230 | $1,800 | $1,570 |
| 3 Bedroom | -$500 | $2,700 | $2,200 |
| 4 Bedroom | -$860 | $3,500 | $2,640 |
Affordability — Bellingham, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.6 |
| Median Home Price | $639,000 |
| Median Household Income | $79,700 |