The Bellingham, WA metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased to $624,990, reflecting a year-over-year (YoY) growth of 3.3%. This indicates a continued appreciation in home values, albeit at a moderate pace. Meanwhile, the Median List Price stands at $639,500, up by 2.2% YoY, suggesting sellers are adjusting their expectations in line with market conditions.

In terms of Price Per Square Foot, the median price has slightly decreased by 0.3% YoY to $354.97, while the Median List Price per square foot has risen by 2.0% to $372.11. This divergence may indicate a shift in buyer preferences or a change in the types of properties being listed.

The number of Homes Sold in February reached 159, marking a modest increase of 0.6% YoY. However, Pending Sales have declined by 7.6% YoY to 170, suggesting a potential slowdown in future transactions. New Listings have slightly decreased by 0.5% YoY to 201, while inventory has surged by 37.9% YoY to 440, providing more options for prospective buyers.

The Months of Supply, a critical indicator of market balance, has increased significantly by 80.0% YoY to 2.80 months. This suggests a shift towards a more balanced market, moving away from the seller's market conditions seen in previous years. The Median Days on Market have also increased by 9.0% YoY to 65 days, indicating that homes are taking longer to sell.

The average sale to list ratio remains relatively stable at 99.0%, with a slight decrease of 0.1% YoY. The percentage of Homes Sold above list price has dropped by 7.7% YoY to 14.5%, reflecting a cooling in competitive bidding. Additionally, Price Drops have increased by 4.2% YoY to 22.7%, suggesting that sellers are becoming more flexible with pricing.

Finally, the percentage of homes going off the market within two weeks has decreased by 6.8% YoY to 45.9%, further indicating a slowdown in the pace of sales. Overall, the Bellingham housing market in February 2025 is characterized by a mix of rising prices and increased inventory, pointing towards a more balanced environment for both buyers and sellers.