Faced with uncertainties over tariffs, recession fears, high consumer prices, and stubborn interest rates, Whatcom County’s real estate market is starting to show some cracks. Comparing closed residential sales (not including condominiums or manufactured homes in parks) for the first four months of 2025 to the same period in 2024, the number of closed sales remained mostly steady, but the median sales price countywide fell by 3.1% to $625,000. Ferndale and Sudden Valley showed some improvement, but the usually strong Bellingham market showed the biggest decline. The results are summarized below:
Area Median Price Closed Sales
Whatcom County $625,000 (-3.1%) 444 (-0.2%)
Bellingham $730,000 (-6.4%) 135 (+5.4%)
Sudden Valley $590,000 (+6.1%) 32 (+33.3%)
Ferndale $634,000 (+2.3%) 76 (+22.5%)
Blaine / Birch Bay $639,500 (-0.6%) 60 (-15%)
Lynden $653,000 (-3.2%) 27 (-55%)
Keep in mind that it’s still early in the year and some of the sample sizes are too small to show dependable trends (especially in the number of sales), but it will be interesting to see how the market fairs over the coming months. Another area of uncertainty is the impeding water rights adjudication for homes served by wells, which I discussed in a previous newsletter. Comparing the same periods, homes on wells decreased by 3.8% to a median price of $760,000. The number of homes sold increased by 48% to 43. This is also a small sample so it’s too early to say for sure what impact the adjudication process will have on prices, but I will be sure to watch this and report as more information comes in. The adjudication documents were mailed out to homeowners mid-March, so this very lengthy legal process has officially begun.
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