By Evelyn Parker
Overview of Prices and Sales
The median sale price for homes in Bellevue today is around $1.5 million, a year-over-year drop close to 9% from the same period in the prior year. Homes are taking longer to sell—about 12 days on the market compared to our brisker rate a year ago.
While listing prices have held steady or seen modest gains, actual sale prices lag slightly behind the asking price. Inventory remains tight, making for a competitive market in many neighborhoods.
Rental Landscape: Who’s Paying What?
As of August 2026, average rents in Bellevue hover around $2,500–$3,000/month depending on unit type and size. Studios and one-beds typically run lower; 2- and 3-bedrooms are significantly higher, especially in preferred areas.
Year-over-year rent growth varies: for some unit types there’s been modest upward pressure, while others have softened slightly.
Signs of a Softer Market
Both home and rental listings have increased somewhat, giving buyers and renters more options than recent years. Median listing prices have moved only marginally, suggesting that earlier rapid appreciation is cooling.
Homes are staying on the market longer; offers per listing have dipped. Rent growth has slowed in some neighborhoods, even declined slightly in others.
City Efforts & Local Development
Bellevue is pushing forward with its Affordable Housing Strategy to build or preserve thousands of income-restricted units over the coming years. Recent city investment committed tens of millions toward hundreds of new affordable units, including both rentals and ownership homes.
Other important actions include revising land use codes to allow more density, supporting accessory dwelling units (ADUs, DADUs), speeding up permit review, and offering floor area ratio bonuses in mixed-use areas.
What Buyers & Renters Should Know
For buyers: Mortgage interest rates and pricing mean that longer timelines and more negotiation may be required. Homes in top-rated school districts and those closer to transit still command premium pricing. It pays to watch active listings, price per square foot, and days on market.
For renters: Expect variability by neighborhood and bedroom count. Studios and one-bedroom units offer better value in less central areas. If you have flexibility on location or size, you’ll have more options. Rents may not be rising fast, but costs remain elevated compared to many U.S. metro areas.
Looking Ahead
With new development projects in the pipeline, particularly around transit-oriented locations, and city policies enabling more housing density in mixed-use zones and on faith or nonprofit-owned land, Bellevue is moving toward more housing supply. However, affordable housing remains both a priority and a major challenge for many residents. The next few years will reveal whether supply growth will ease cost pressures or simply shift where and how people live.