Bellingham, WA 98226 Real Estate Market Report

ZIP Code: 98226
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The median sold price in Bellingham, WA (ZIP: 98226) stands at $699,999, reflecting a stable market with modest price appreciation. The neighborhood has increased up since 2023, indicating a positive trend in property values. Despite this, the market is experiencing longer days on market, with a median of 220 days, suggesting a shift towards more selective buyer behavior and a cooling trend compared to previous years.

Current inventory levels are characterized by elevated supply relative to sales activity, which may indicate a more balanced market. The median listing price is $750,000, creating a notable gap between asking and sold prices, which could lead to pricing friction as sellers adjust expectations. The overall market temperature is assessed as neutral, with interest rates remaining elevated, influencing buyer decisions and market dynamics.

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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

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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 $699,999 indicates a stable market with modest appreciation, suggesting ongoing buyer interest.

2. With a median days on market of 220, properties are taking longer to sell, reflecting a shift towards more selective buying behavior.

3. The median listing price of $750,000 presents a significant gap compared to the sold price, indicating potential pricing friction for sellers.

4. Elevated inventory levels suggest excess supply relative to sales activity, which may lead to a more balanced market environment.

5. Interest rates remain elevated, which may continue to pressure buyer behavior and overall market activity.

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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.