Market Year in Review
Another year in the books, and Whatcom County real estate held up very well despite some strong headwinds created by rising interest rates. Here is a summary of the year over year median selling prices for residential homes:
Whatcom County
Year over year appreciation: +9.4%
2022 median closed price: $601,875
2021 median closed price: $550,000
Bellingham
Year over year appreciation: +11.8%
2022 median closed price: $710,000
2021 median closed price: $635,000
Ferndale
Year over year appreciation: +14.8%
2022 median closed price: $619,950
2021 median closed price: $540,000
Lynden
Year over year appreciation: +7.1%
2022 median closed price: $600,000
2021 median closed price: $560,000
Blaine / Birch Bay
Year over year appreciation: +10.9%
2022 median closed price: $535,000
2021 median closed price: $482,250
Bellingham has the highest median price in the county as usual, but the prize for overall percentage increase goes to Ferndale. These prices show the median price of every house sold in a calendar year. However, as is often the case with statistics, these numbers don’t show the entire story. The graph above shows the median prices for Bellingham as calculated on a monthly basis, instead of a yearly basis. 2022 started out with strong growth until June, which is when the shock of doubled interest rates started taking a toll. At the low in October prices were pretty close to where the were at the start of the year, and then started climbing back up. At the end of December the monthly median price was the same as the yearly median price. Graphs for the other areas are pretty similar. As long as rates stay about where they are today I expect to see healthy growth through 2023. The shock of higher rates appears to be wearing off, and Whatcom County remains one of the most desirable places to live in the Nation.
Give me a call if you have questions about the market. I’m always happy to chat.
