King 5 news just reported Bellingham ranked #1 in the nation in job growth year over year, with a 5.5% increase in the labor force.
After doing some more research, it looks like the numbers used for that report were a bit inaccurate, and Bellingham’s actual job growth was more in the neighborhood of a 4% increase. Still great numbers!
And as I’ve noted in my last post, Bellingham home buyers are a diverse group (many retirees, telecommuters, and Canadians). Still…you need local jobs. And clearly our local economy is growing.
Median home prices in Bellingham jumped from $344,000 to $398,000 in 2017 (9.6% increase). Average rent increased from $1280, to $1382 (7.3% increase).
With lack of supply, increased demand, and a strengthening job market, it sets up for another strong year for Bellingham WA (and Whatcom County). Most are predicting home prices to continue to rise in 2018, albeit at a slower rate. The slower rate is mostly dependent on the assumption that interest rates will rise this year.
