Bellingham, WA—98229
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 $684,000, with a year-over-year change of 1.2%. This indicates that home prices in Bellingham, WA are increasing. According to Zillow, the 1-year price projection is 0.8%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $684,000 | 1.2% |
| Single Family | $703,000 | 0.9% |
| Condos | $377,000 | 0.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $386,000 | -1.0% |
2 Bed | $506,000 | 1.4% |
3 Bed | $678,000 | 0.9% |
4 Bed | $848,000 | 0.7% |
| 5 Bed | $926,000 | 0.7% |
% of Housing Stock
Rental Trends — Bellingham, WA
As of July '25, Rentcast reports the average rent in Bellingham, WA is $2,590, with a year-over-year rent change of 25.7%. Per bedroom, the median rent as of July '25 in Bellingham, WA is studios: $1,370, 1-bedrooms: $1,520, 2-bedrooms: $1,850, 3-bedrooms: $2,580, 4-bedrooms: $3,790. The most common rental property sizes in Bellingham, WA are 2-bedroom and 3-bedroom, accounting for 34.2% and 33.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,400 | $2,590 |
| Studio Rent | $1,420 | $1,370 |
| 1 Bed Rent | $1,500 | $1,520 |
| 2 Bed Rent | $1,850 | $1,850 |
| 3 Bed Rent | $2,600 | $2,580 |
| 4 Bed Rent | $3,600 | $3,790 |
% 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 47. This is a increase of 8.0% 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 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $794,000 | 9.0% |
Listing Count | 129 | 26.0% |
| Listings as % of Homes | 0.5% | 26.0% |
Days on Market | 47 | 8.0% |
Demographics — Bellingham, WA
As of the latest ACS Survey released in 2023, Bellingham, WA has a population of 33,900, which has increased by 5.3% over the past 5 years. Bellingham, WA is a moderately popular place for families, as children make up 19.5% of the population. The area has a highly educated workforce, with 50.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 33,900 | 5.3% |
% Under 18 | 19.5% | -2.5% |
% Seniors | 18.8% | 2.7% |
% WFH | 15.5% | 89.0% |
% w/ College Degree | 50.8% | 10.2% |
As of the latest ACS Survey released in 2023, Bellingham, WA is a predominantly white area, with 76.6% of the population identifying as white. The white population has shrunk by 4.6% in the last 5 years. The second most common race or ethnicity in Bellingham, WA is hispanic, making up 10.0% of the population. Foreign-born residents account for 8.2% of the population in Bellingham, WA, and this percentage has increased by 1.2% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 76.6% | -4.6% |
% Black | 0.8% | -27.3% |
% Hispanic | 10.0% | 13.6% |
% Asian | 3.4% | -20.9% |
% Foreign Born | 8.2% | 1.2% |
Mortgage and Risk — Bellingham, WA
According to HUD data as of 2023, there were 524 mortgage originations in Bellingham, WA, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 11.0% above 90% LTV (elevated). This implies medium mortgage risk in Bellingham, WA. Investor activity is low, as 2.0% 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 | 524 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 2.0% |
% Second Loans | 3.0% |
% 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 6.8%. 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 | 338 |
Total Units Section 8 | 262 |
% Rentals under Section 8 | 6.8% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$50 | $1,500 | $1,450 |
| 2 Bedroom | -$130 | $1,850 | $1,720 |
| 3 Bedroom | -$190 | $2,600 | $2,410 |
| 4 Bedroom | -$710 | $3,600 | $2,890 |
Affordability — Bellingham, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.2 |
| Median Home Price | $684,000 |
| Median Household Income | $90,100 |