by Evelyn Parker
Current Home Market Trends
The median home price in Bellevue is currently about $1,572,500, which is slightly lower—down roughly 1.6% compared to last year. While that suggests modest cooling, it doesn’t signal a crash; rather, the market appears to be in a more balanced state. Homes are staying on the market longer than in rapid-bid periods, averaging around 27 days before going under contract. There are about 4.4 months of inventory on market—an indicator that buyers may have a bit more breathing room than in tighter markets but not dramatically so. With sale-to-list price ratios near 97–98%, sellers are still getting close to their asking prices.
What’s Going On with Rents
Rental averages in Bellevue hover between $2,700 and $2,800 per month for typical apartments, depending on size and location. For example: one-bedroom units cost about $2,550; two-bedroom units around $3,200; and larger three-bedroom units run closer to $4,300. Monthly changes in rent have been modest, and in some areas rents have moved slightly downward—often reflecting seasonal patterns or shifts in demand. Some of the pricier neighborhoods—Downtown, West Bellevue, Factoria—still command premium rents, while neighborhoods like Eastgate or Crossroads are more affordable.
Development & Growth: Where New Housing Is Coming
Bellevue continues to see substantial new development. Currently there are over 70 major housing developments in various stages—pre-application, design review, or under construction—totaling more than 7,500 units and an estimated $300 million in value citywide. The BelRed area stands out: it has the highest concentration of projects, including a large one at 1829 130th Avenue Northeast, with 626 units underway. Wilburton and Northwest Bellevue also have strong pipelines, particularly for mixed-use and multifamily housing.
On the more affordable housing front: a key project near Wilburton is planned to provide 120+ homes affordable to households earning 30–80% of the Area Median Income (AMI). Additionally, a planned affordable project near Mercer Slough—formerly a stalled hotel—will include 146 affordable units and is now slated to begin early next year.
What This Means for Buyers, Renters & Stakeholders
- Buyers: Slight price dips and more inventory offer some negotiating power—but expect prices per square foot to still be high, especially in desirable neighborhoods. Mortgage rates and competition remain critical factors.
- Renters: While rent growth has slowed and in some cases eased, rent remains expensive compared to national norms. Those who can expand search to outlying Bellevue neighborhoods may find more favorable pricing.
- Developers & Planners: Mixed-use and multifamily developments are key to increasing housing stock. Affordable units remain in demand, especially near transit and job centers. Zoning and permit review timelines will continue to play a big role in how fast projects can move forward.
Overall, Bellevue’s housing and real estate market is shifting toward stability. While pressures from cost and demand remain, there are signs of more balanced conditions for both buyers and renters—along with significant new construction that may help ease constraints over time.