Metropolitan Statistical Area (MSA):
Bellingham, WA is a Metropolitan Statistical Area (MSA) comprising counties including Whatcom County.
There is no doubt that the Bellingham, WA metropolitan statistical area (MSA) is in the midst of a housing market boom. The combination of low interest rates, strong job growth, and limited supply of homes for sale has resulted in rapidly rising prices and increased competition for properties.
The average home price in the Bellingham MSA has increased by nearly 20% over the past year, and shows no signs of slowing down. This has caused many potential buyers to be priced out of the market, or to purchase homes that are well below their ideal budget.
Rent prices have also been on the rise in recent years, as demand for rental properties has increased along with home prices. This has made it difficult for many people to find affordable housing, especially those who are on a fixed income or have low-paying jobs.
There are some indications that the housing market may begin to cool off in the next few years, as interest rates start to rise and more homes come onto the market. However, it is still unclear how much of an impact these factors will have on prices in the Bellingham MSA. For now, it seems likely that the region will continue to experience strong growth in both home prices and rents.