By Evelyn Parker
Current Price & Rent Trends
The median sale price for homes in Bellevue has softened to around $1.5 million, marking a decline of nearly 6% year-over-year. Homes are staying on the market longer—about 16 days on average—up from just over a week the previous year. This slowdown may offer buyers more time to weigh options and negotiate. (Data from Redfin)
On the rental side, the average rent in Bellevue is approximately $3,050 per month, down slightly both month-to-month and year-to-year. This suggests cooler demand and greater stability for renters compared to earlier spikes. (Data from Zillow)
Supply & Inventory Changes
Inventory has edged up modestly, with about 747 active listings recently—reflecting more choice for buyers. While supply remains limited in many neighborhoods, the pressure has eased compared to earlier in the year. Listings are still moving faster in high-price zip codes and coveted areas like Downtown and Northwest Bellevue. (Data from Realtor.com)
Major Developments: What’s Being Built and Where
Bellevue’s skyline and neighborhoods continue to transform. In BelRed, the number one development project now underway is a massive housing complex with over 600 units, contributing to a pipeline of more than 70 active projects citywide. Wilburton and Northwest Bellevue also host significant mixed-use and residential builds. (Data from BuildVue)
One striking recent project: the overhaul of a strip-mall at Bellevue Way NE and NE 12th. The redevelopment plans call for two apartment buildings combining 445 units with ground-floor retail and mixed-income housing under the city’s multifamily tax exemption. (Downtown Bellevue Network)
Another in progress is Kanon: twin 15-story office towers proposed near NE 4th St and 112th Ave NE. Alongside that are ambitious landscaping and a private park—evidence of Bellevue’s push toward blending green space, housing, and workplace. (Downtown Bellevue project filing)
Affordable Housing & Community Goals
Addressing affordability remains a priority. Along the BelRed light rail, future transit-oriented developments will deliver over 170 affordable housing units, including larger family-sized homes and artist spaces. Another project will combine affordable and market-rate homes, retail, and an arts hub—all on city-owned parcels. (City of Bellevue Affordable Housing Strategy)
Opportunities & Considerations for Buyers and Renters
- Buyers: With prices easing and inventory rising, you may find more leverage. Still, premium areas carry a premium, particularly for square footage and location.
- Renters: Slower rent growth suggests some relief. Keep an eye on new apartment or mixed-use projects, as these can shift availability and cost in your neighborhood.
- Development awareness: Bellevue is growing—new towers, parks, and amenities are in the works. Consider proximity to light rail, transit, and planned green space when choosing a location.
- Long-term: Watch how Bellevue balances density with livability—zoning changes, infrastructure investment, and public feedback will shape whether growth feels planned or overrun.
Bellevue’s market isn’t cooling off, exactly—it’s rebalancing. For those buying, renting, or investing, it’s a moment to move with awareness: opportunity is opening up, but so are trade-offs depending on location, type of housing, and long-term plans.