BELLINGHAM, WA. – The housing market in Whatcom County is continuing to stabilize despite higher interest rates, according to a new report.

Muljat Group co-owner Peter Ahn says the median price of a home sold in Whatcom County was just under $580,000 in the third quarter of this year.

That is 3.2% lower than a year ago.

Higher mortgage rates have caused the overall number of home sales to decline.

Bellingham recorded 210 home sales, roughly 20% lower than the third quarter of 2022.

But it is the only community in Whatcom and Skagit counties where the average sales price was slightly above the listing price, according to Ahn.

“What we see for Whatcom County overall and Bellingham specifically, we just have a very solid demand of buyers along with a very low inventory,” said Ahn.

It is also taking a much longer time to sell homes than in past years.

“Generally speaking, when interest rates go up, your house is going to take a bit longer to sell,” said Ahn. “It kind of takes out the number of buyers. It’s going to allow buyers to take a bit more time to go around and find the house that they’re looking for.”

The average time on the market for a home sale in Whatcom County was 35 days, over 45% longer than last year.