Fall home prices and rent continued to climb in Whatcom County, but by how much?
Whatcom County home prices and Bellingham rent continued to rise heading into the fall.
The median price for Whatcom County houses sold in October hit $419,000, up 11.1% compared to a year ago. Factoring in condominiums, the median price was $406,000, according to data from the Northwest Multiple Listing Service.
Both those monthly median price totals are the highest so far in 2019.
The lack of inventory continues to remain an issue. According to the data Whatcom’s inventory remains in the two-month range, meaning it would take that long to sell all the current inventory. Typically a balanced market has inventory in the six-month range.
Even with higher prices, home sales remained strong in October. According to data, 289 houses sold in October, up 12% compared to a year ago.
Rent prices also climbing
Rent in Bellingham also continues to climb, according to a new report from Zumper.
In its November report the median rent for a one-bedroom place in Bellingham is $1,090, up 4.8% from a year ago. The median price for a two-bedroom unit is $1,460, a 9% increase.
While on the rise, Bellingham’s rent remains below many Western Washington communities.
Kirkland had the highest monthly median rent for a one-bedroom unit at $2,000. Bellingham ranked 17th highest among the Western Washington communities studied. Port Angeles had the lowest rent, coming in at $590 a month for a one-bedroom place.
