Bellingham, WA
Executive Summary
Bellingham's housing market shows average risk, ranking 127th of 274 metros. The market recently entered Recovery. Current conditions are balanced with stable liquidity. Early signs of stabilization — conditions may favor patient buyers.
Bellingham experienced a market correction from mid-2025 through late 2025. The market is currently recovering.
Inventory is growing at a moderate +8% pace with homes taking +8% longer to sell — within normal ranges.
Rent growth is roughly keeping pace with price appreciation, suggesting valuations are not stretched.
Cycle Phase
Market conditions are rebuilding after a correction period
Key Dynamics
Risk is primarily driven by affordability and employment, while migration provides the most support.
Top Drivers
Market Signals
Inventory is growing at a moderate +8% pace with homes taking +8% longer to sell — within normal ranges.
Liquidity
Valuation
Factor Details
12-month HPI change — higher = overheating
YoY permit change — higher = supply pressure
Permits per 1,000 residents — higher = overbuilding risk
Mortgage payment / income — higher = more burdened
12-month employment change (risk inverted)
Net AGI migration (risk inverted)
National Context
Credit Conditions
Credit Regime
Healthy recovery. Credit is flowing normally and transactions are steady — conditions favor continued rebuilding.
Supply Pipeline
Supply Regime
Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.
Local Signals
Metro Permit Activity
Permit Activity
Sharp CoolingRaw signal — not the composite percentile
Relative to 2016–2019 norms for this metro
Significant supply pullback into healthy demand. A supply constraint is forming — pricing power is shifting to existing inventory holders.
Employment Concentration
Employment
ModerateInternal Structure
County-level structural analysis.
County-level structural analysis is not available for this metro due to fewer than 3 qualifying counties.
Score History
| Month | Score |
|---|---|
| 2025-12 | 60 |
| 2025-10 | 68 |
| 2025-08 | 63 |
| 2025-06 | 64 |
| 2025-05 | 64 |
| 2025-04 | 65 |
| 2025-02 | 61 |
| 2024-12 | 60 |
| 2024-10 | 59 |
| 2024-09 | 68 |
| 2024-07 | 68 |
| 2024-06 | 64 |
| 2024-04 | 67 |
| 2024-03 | 64 |
| 2024-01 | 64 |
| 2023-12 | 59 |
| 2023-10 | 62 |
| 2023-09 | 61 |
| 2023-07 | 57 |
| 2023-06 | 52 |
| 2023-04 | 53 |
| 2023-02 | 51 |
| 2022-12 | 50 |
| 2022-10 | 46 |
| 2022-08 | 55 |
| 2022-06 | 60 |
| 2022-05 | 60 |
| 2022-03 | 57 |
| 2022-01 | 57 |
| 2021-12 | 56 |
| 2021-10 | 58 |
| 2021-07 | 64 |
| 2021-06 | 64 |
| 2021-04 | 68 |
| 2021-03 | 72 |
| 2021-01 | 71 |
| 2020-12 | 71 |
| 2020-10 | 71 |
| 2020-07 | 70 |
| 2020-05 | 66 |
| 2020-03 | 61 |
| 2020-02 | 57 |
| 2019-12 | 64 |
| 2019-11 | 64 |
| 2019-10 | 68 |
| 2019-08 | 65 |
| 2019-07 | 58 |
| 2019-05 | 63 |
| 2019-03 | 67 |
| 2019-02 | 69 |
| 2019-01 | 66 |