A set of new reports for Whatcom and Skagit counties has confirmed what many would-be home buyers have suspected: what goes up does not necessarily come down.
For all of 2024, the median price of a single-family home reached $635,000 in Whatcom County, an increase of 7.8% from 2023, according to an analysis of Northwest Multiple Listing Service data released by Peter Ahn of The Muljat Group in Bellingham.
In Skagit County, the median price reached $579,900 in 2024, up 4.5% from the previous year.
Both Whatcom and Skagit median prices are all-time highs. Ahn’s analysis showed that Skagit’s median has now risen for the 14th consecutive year. Whatcom’s median price rose again after declining slightly between 2022 and 2023.
The median price is the dollar value at which half of the homes sell for more and half sell for less. It’s considered a better indicator of market values than averages, which can be skewed by outlier individual sales at the high and low ends.
Ahn also said that the number of homes sold in Whatcom County increased in 2024 after two years of decline, and the number sold in Skagit County reversed three years of declining sales, up 3.2% and 4.8% respectively.
However, the report noted, the total sold in both counties was still significantly lower than the peak numbers in 2020 for Skagit and 2021 for Whatcom when mortgage rates were lower.
“Assuming mortgage rates stay relatively the same (around 6%), we anticipate the overall market will continue to recover in 2025 and have moderate increases in the form of total sales and average prices,” Ahn said in a statement accompanying the analysis.
Bellingham (at $765,000, up 7.6%) and Anacortes (at $720,000, down 5.3%) led median prices in both counties. However, a number of communities were above or close to the $600,000 mark in 2024: Lynden ($675,000, up 5.5%), Ferndale ($635,000, up 7.6%), Birch Bay/Blaine ($618,500, up 12.5%), Burlington ($602,950, up 9.6%) and La Conner ($596,250, up 16%).
Tiffany Holden, managing broker at Bellingham Real Estate Co., released a separate 2024 report for Whatcom County analyzing Northwest Multiple Listing Service data with similar results. Holden’s report noted that many people predicted prices would fall severely when mortgage interest rates went up in 2022. That clearly hasn’t happened. Yet, she said, Bellingham remains a draw.
“As Bellingham becomes too expensive, people will continue to look at Ferndale, Lynden and Blaine as other options, but Bellingham remains a prime goal,” Holden said. “I anticipate seeing strong pricing growth in those towns, but foresee Bellingham remaining as the overall highest-priced town in our county.”
Ahn also expects Bellingham — and Anacortes in Skagit County — to continue outpacing other areas in median price.
“I genuinely do not believe any of the other communities will unseat Bellingham and Anacortes in their respective counties for many years, if at all,” he said. “It would require quite a few factors in order for any unseating; significant inventory changes, demographic and socioeconomic factors, and overall demand.”
Frank Catalano writes about business and related topics for CDN; reach him at frankcatalano@cascadiadaily.com.
