January 2024: Bellingham Market Recap

January Recap!

A lack of inventory remains the storyline. We're down to 194 homes listed for sale in the month of January, a 33% decrease from the same month last year. We're back to numbers that rival the historically low month of January, 2022 (136 homes). Luckily, a good portion of this efflux is simply seasonality, but it'll be important to keep an eye on this data moving forward.

I expect February's numbers to both go up. Many buyers have been waiting to see interest rates drop before jumping into the action and the rates seemed to have dropped enough for that push to begin. I'm seeing a considerable increase in buyer activity across the market.

If you've been waiting to buy, now is the time to start looking! The competition (& prices) will only go up from here.

Median Home Price: $570k

Down 0.9% Since January 2023

Homes for Sale: 194 Homes

Down 32.9% Since January 2023