Bellevue’s housing market is experiencing notable shifts, with changes in home prices, rental rates, and new developments shaping the landscape.
Current Market Trends
As of March 2026, the median sale price for homes in Bellevue was $1.5 million, reflecting a 6.7% decrease compared to the previous year. Homes are selling quickly, averaging just 8 days on the market. The number of homes sold in March increased by 14.7% year-over-year, indicating sustained buyer interest despite the price decline.
Rental Market Insights
The rental market in Bellevue remains robust. As of April 2026, the average rent was $2,688, which is higher than the national average of $1,930. This represents a 0.3% increase from the previous year, suggesting a stable demand for rental properties in the area.
Affordable Housing Developments
To address the need for affordable housing, several projects are underway:
Altaire at East Main
SRM Development is leading the Altaire at East Main project, which will transform a partially built hotel into a seven-story residential building. Located at 995 118th Ave SE, the development will offer 146 income-restricted units and 95 parking spaces. Construction is anticipated to begin in March 2027.
Forest Edge Project
Imagine Housing has secured $12.1 million from Bellevue’s city council for the Forest Edge project. This four-story development in the Lake Hills neighborhood will provide 100 affordable units, ranging from studios to three-bedroom apartments. The project aims to expand affordable rental options in the area.
These developments reflect Bellevue’s commitment to increasing housing density and providing below-market-rate housing to meet the needs of its residents.