BELLINGHAM, WA. – Home prices in Whatcom County have cooled off, but that did not help the total number of home sales in 2023.

 

Peter Ahn of the Muljat Group says that the median home price slipped to $589,000, marking a 1.8% drop compared to 2022 prices.

“For over a decade, we’ve seen home sales continue to go up and then with the rates coming down and just throughout the years home prices have continued to go up,” said Ahn. “So, this is the first time we’ve seen this in over ten years.”

Lynden, Birch Bay, and Blaine were the only areas that saw home prices go up.

However, rising mortgage rates and inflation over the past year have discouraged people across the county from selling their homes, leaving fewer properties available on the market.

Ahn says that only 2,349 homes were sold in 2023, which is over 28% less than the amount sold in 2021.

“Inventory is still relatively very low for the county and especially in Bellingham,” said Ahn. “So, that in turn is going to allow the prices to stay pretty consistent.”