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 in an average of 8 days, indicating a competitive market. The median sale price per square foot stands at $697, down 9.24% year-over-year.
In April 2026, the average home value in Bellevue was $1,527,243, marking a 3.3% decline over the past year. Homes typically go pending in about 9 days.
Rental Market Insights
The average rent in Bellevue as of April 2026 is $2,688, which is higher than the national average of $1,930. This represents a 0.3% increase year-over-year.
Upcoming Developments
Several new developments are set to impact Bellevue’s housing market:
Cloudvue
Scheduled for completion in 2027, Cloudvue is a mixed-use project featuring two 600-foot office towers offering 1.8 million square feet of modern office space. The development aims to promote collaboration and innovation through a balanced mix of jobs, housing, and unique amenities.
Altaire at East Main
Altaire at East Main is a planned seven-story multifamily residential building that will include 146 income-restricted housing units. Construction is anticipated to begin in March 2027.
Forest Edge Project
The Bellevue City Council has committed $12.1 million to Imagine Housing’s Forest Edge Project, a four-story, 100-unit affordable housing development in the Lake Hills neighborhood. The project will offer a mix of income-restricted studio to three-bedroom apartments.
These developments reflect Bellevue’s ongoing efforts to address housing needs and accommodate growth in the region.