Bellingham, WA 98225 Real Estate Market Report

ZIP Code: 98225
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

As of April 2026, the real estate market in Bellingham, WA reflects a median sold price of $689,500, indicating a stable market with sustainable price appreciation. The neighborhood has increased 15% since 2023, showcasing a positive trend in property values. Despite a median listing price of $824,750, which suggests some pricing friction, the actual sold prices provide a clearer picture of market dynamics and buyer sentiment.

The market temperature is currently assessed as neutral, with properties taking a median of 250 days on market. This extended duration suggests slower sales velocity, which may indicate elevated inventory levels relative to sales activity. Although there is a strong rental demand reflected in a median market rent of $1,990, the overall market appears to be balancing between buyer expectations and seller pricing strategies, with moderate interest rate pressure influencing market conditions.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

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Key Findings

1. The median sold price of $689,500 reflects a strong market trend, having increased 15% since 2023.

2. With a median listing price of $824,750, there is notable pricing friction compared to sold prices, indicating potential buyer hesitation.

3. Properties are experiencing a median days on market of 250, suggesting slower sales velocity and potential excess supply.

4. The market temperature is currently neutral, indicating a balanced environment between buyers and sellers.

5. Rental demand remains robust with a median market rent of $1,990, suggesting ongoing interest in rental properties despite market fluctuations.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.