Bellingham, WA—98225
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 $658,000, 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 | $658,000 | 1.2% |
| Single Family | $683,000 | 0.6% |
| Condos | $421,000 | 0.7% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $394,000 | 1.3% |
2 Bed | $565,000 | 1.8% |
3 Bed | $709,000 | 0.3% |
4 Bed | $832,000 | 0.2% |
| 5 Bed | $904,000 | 0.0% |
% of Housing Stock
Rental Trends — Bellingham, WA
As of July '25, Rentcast reports the average rent in Bellingham, WA is $2,140, with a year-over-year rent change of 3.9%. Per bedroom, the median rent as of July '25 in Bellingham, WA is studios: $1,340, 1-bedrooms: $1,480, 2-bedrooms: $1,950, 3-bedrooms: $2,620, 4-bedrooms: $2,920. The most common rental property sizes in Bellingham, WA are 2-bedroom and 1-bedroom, accounting for 35.6% and 25.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,900 | $2,140 |
| Studio Rent | $1,400 | $1,340 |
| 1 Bed Rent | $1,450 | $1,480 |
| 2 Bed Rent | $1,850 | $1,950 |
| 3 Bed Rent | $2,550 | $2,620 |
| 4 Bed Rent | $3,150 | $2,920 |
% 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 44. 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 16.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $675,000 | -3.0% |
Listing Count | 128 | 30.0% |
| Listings as % of Homes | 0.2% | 30.0% |
Days on Market | 44 | 24.0% |
Demographics — Bellingham, WA
As of the latest ACS Survey released in 2023, Bellingham, WA has a population of 50,400, which has remained stable by 1.0% over the past 5 years. Bellingham, WA is a less popular place for families, as children make up 11.7% of the population. The area has a highly educated workforce, with 48.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 50,400 | 1.0% |
% Under 18 | 11.7% | 2.6% |
% Seniors | 15.1% | 14.4% |
% WFH | 15.3% | 155.0% |
% w/ College Degree | 48.3% | 8.8% |
As of the latest ACS Survey released in 2023, Bellingham, WA is a predominantly white area, with 78.2% of the population identifying as white. The white population has shrunk by 4.9% in the last 5 years. The second most common race or ethnicity in Bellingham, WA is hispanic, making up 9.6% of the population. Foreign-born residents account for 7.0% of the population in Bellingham, WA, and this percentage has decreased by 7.9% 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 | 78.2% | -4.9% |
% Black | 1.1% | -15.4% |
% Hispanic | 9.6% | 39.1% |
% Asian | 4.3% | 4.9% |
% Foreign Born | 7.0% | -7.9% |
Mortgage and Risk — Bellingham, WA
According to HUD data as of 2023, there were 466 mortgage originations in Bellingham, WA, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 48.0%, with 10.0% above 90% LTV (elevated). This implies medium mortgage risk in Bellingham, WA. Investor activity is low, as 5.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 466 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 5.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Bellingham, WA
As of 2024, the percent of homes in Bellingham, WA under the Section 8 program is 6.0%. 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 | 1,305 |
Total Units Section 8 | 848 |
% Rentals under Section 8 | 6.0% |
% Occupied Section 8 | 90.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$90 | $1,450 | $1,360 |
| 2 Bedroom | -$230 | $1,850 | $1,620 |
| 3 Bedroom | -$280 | $2,550 | $2,270 |
| 4 Bedroom | -$430 | $3,150 | $2,720 |
Affordability — Bellingham, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 9.9 |
| Median Home Price | $658,000 |
| Median Household Income | $62,200 |