Bellingham, WA 98226 Real Estate Market Report

ZIP Code: 98226
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.

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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 primary market signal is the median sold price of $720,000, which should be treated as the best indicator of current market value and recent transaction activity; the median listing price of $755,000 appears above recent sales, which may indicate pricing friction between seller expectations and what buyers are transacting at representative recent sale.

2. Liquidity appears muted: the median days on market is 239, which suggests slower sales velocity and longer time-to-contract even in the context of relatively constrained active supply; this may afford buyers more negotiation room while still reflecting completed transactions.

3. Local pricing momentum aligns with broader trends — the price year-over-year trend is up, indicating appreciation pressure on sold values while the market temperature remains described as neutral.

4. Rental and financing context: the median market rent is $2,000 and the rent year-over-year trend is up, while interest rate pressure is described as moderate, which may temper rapid price acceleration and influence hold vs. sell decisions by owners.

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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.

Bellingham, WA 98226 Real Estate Market Report

ZIP Code: 98226
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.

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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 primary market value indicator is the median sold price of $426,500, which anchors recent transaction-level pricing for SFR and condo properties in 98226 and suggests that completed sales remain the most reliable signal of local value.

2. The median days on market of 274 is very long and may indicate slower sales velocity and greater time-to-contract; paired with a neutral market temperature, this suggests transactions are taking longer even as prices remain supported.

3. The median listing price of $335,000 sits below the median sold price, which may indicate listing asks in the analyzed sample are positioned differently than recent closed transactions or reflect sample timing; sellers and buyers should expect potential pricing friction between asks and realized sale values.

4. Market-level trend signals show prices are up year-over-year and rents are up year-over-year, while interest rate pressure is moderate—together these point to continued upward price momentum but with financing headwinds that may temper transaction pace.

5. Inventory in the analyzed sample appears as relatively constrained active supply, which combined with sustained sold prices may maintain seller leverage; however, the extended median days on market suggests that constrained supply is not producing rapid turnover and the market may be moving toward a more balanced dynamic.

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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.