Home Values in Bellingham, Washington — 2026 Market Report
Updated March 2026 | Balanced Market | +4.6% YoY
The median home value in Bellingham, Washington is $585,000 as of March 2026, which is above the national median of $400,000. Home values in Bellingham have increased by 4.6% over the past year and 25.2% over the last five years. With a population of 95,368 and a median household income of $52,250, the price-to-income ratio stands at 11.2x, making Bellingham affordable for the average household.
Bellingham Housing Market Conditions
| Metric | Bellingham | National Avg |
|---|---|---|
| Median Home Value | $585,000 | $400,000 |
| YoY Appreciation | +4.6% | +3.8% |
| 5-Year Appreciation | +25.2% | +22.4% |
| Price per Sq Ft | $288 | $222 |
| Days on Market | 35 days | 45 days |
| Months of Supply | 3 | 3.5 |
| List-to-Sale Ratio | 100.2% | 98.5% |
| Monthly Homes Sold | 42 | — |
| Foreclosure Rate | 0.36% | 0.3% |
Home Value Trends in Bellingham
A homeowner who purchased at the median price of $467,252 five years ago in Bellingham would have gained approximately $117,748 in equity, representing a 25.2% return on investment. Over the past year alone, the typical homeowner gained $25,727 in home equity.
Affordability in Bellingham, WA
With a median household income of $52,250 and a median home price of $585,000, the price-to-income ratio in Bellingham is 11.2x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $4,044 compared to estimated monthly ownership costs of $3,232 gives a rent-vs-buy ratio of 0.80. In Bellingham, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Bellingham
The effective property tax rate in Washington is 0.93%. On a home valued at $585,000, the estimated annual property tax bill is $5,441, or approximately $453/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Bellingham is 115.5 (100 = national average), indicating living costs are above the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Bellingham, WA?
The median home value in Bellingham, Washington is $585,000 as of March 2026. Home values have changed +4.6% over the past year, with a 5-year appreciation of 25.2%.
Is Bellingham a buyer's or seller's market?
Bellingham is currently a balanced market with 3 months of housing supply. Homes spend an average of 35 days on market, and the list-to-sale price ratio is 100.2%. Supply and demand are relatively balanced.
Are home values going up in Bellingham?
Yes, home values in Bellingham have increased by 4.6% over the past year. The 5-year appreciation rate is 25.2%, meaning a home worth $467,252 five years ago is now worth $585,000.
Is it better to rent or buy in Bellingham?
The average monthly rent in Bellingham is $4,044, while estimated monthly homeownership costs are approximately $3,232. The price-to-rent ratio is 12.1. Based on current conditions, buying may be more cost-effective than renting in this market.
Home Values in Other Washington Cities
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Disclaimer: Home value data for Bellingham, Washington is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.