Bellingham, WA 98225 Real Estate Market Report
ZIP Code: 98225
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.
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.
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.
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.
Property Taxes
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.
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.
Current Mortgage Rate Context
Market-level mortgage rate comparison for this area:
Current 30-year fixed mortgage rates in Bellingham, WA, are approximately 6.35%, which is 0.48% higher than the 5.87% market average observed in February 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
-
The primary indicator of current market value is the median sold price $699,000, which establishes a representative recent sale level; the median listing price $814,950 sits notably above that transaction baseline, suggesting seller expectations may be outpacing final sale outcomes and creating pricing friction in the market.
-
Liquidity appears muted based on the median days on market 262, which points to slower sales velocity and extended marketing timelines relative to brisk markets; this may indicate buyers are taking more time to transact despite a marketTemperature described as neutral.
-
Rents show supporting demand for local housing: the median market rent $1,950 combined with a rent year-over-year trend that is up implies sustained rental demand, which may underpin investor interest and provide downside support to prices.
-
Financing and macro context are a headwind to rapid price acceleration: current local mortgage levels are 6.35% for a 30-year fixed, with interest rate pressure characterized as moderate; the provided property rate comparison notes this 6.35% is 0.48% higher than the 5.87% market average observed in February 2026, which may temper some buyer urgency.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold at market average
Sold above market average
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Representative market sale establishing baseline for properties in the core neighborhood.
Sold at market average
Sold below market average
Bellingham, WA 98225 Real Estate Market Report
ZIP Code: 98225
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.
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.
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.
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.
Property Taxes
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.
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.
Current Mortgage Rate Context
Market-level mortgage rate comparison for this area:
Current 30-year fixed mortgage rates in Bellingham, WA, are approximately 6.35%, which is 0.48% higher than the 5.87% market average observed in February 2026.
Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.
Key Findings
-
The primary indicator of market value is the median sold price 421,500, which represents recent transaction activity and suggests stabilization in local values; up price momentum is also reported year-over-year, supporting modest appreciation.
-
There is a notable spread between the median listing price 382,500 and the median sold price 421,500, which may indicate seller pricing expectations diverging from finalized transaction levels and could signal pricing friction during negotiations.
-
Extended time-to-contract is evident with a median days on market 303, which implies slower sales velocity and may reflect buyer caution or careful price discovery rather than acute illiquidity; expect longer decision windows for offers.
-
Rental strength and financing context are supportive: median market rent 1,695 is rising (up rent year-over-year) while interest rate pressure is reported as moderate; current local 30-year fixed mortgage rates are approximately 6.35%, about 0.48% higher than the February 2026 market average, which may temper some buyer activity but not outweigh rental-driven demand.
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.
Recent Transactions
Highest sale in the past 90 days. Fully renovated with modern finishes and premium lot positioning.
Sold above market average
Sold above market average
Sold below market average
Sold below market average
Sold below market average
Sold below market average
Sold at market average
Investment Analysis
Compare rental income potential against ownership costs and benchmark against market averages.
Monthly rental income vs estimated ownership cost
20% down, 6.3% rate, 0.8% tax
Avg nightly rate and occupancy for this ZIP
Data Sources
Real estate market data & public records, and GemHaus® proprietary models.
Report generated: 5/1/2026
Get personalized market intelligence
View property-level details in Bellingham, WA get valuations, rent estimates, operating costs, and pro-forma insights.