Bellevue’s housing market is experiencing notable shifts, with recent data indicating a decrease in home prices. As of March 2026, the median sale price for homes in Bellevue was $1.5 million, reflecting a 6.7% decline compared to the previous year. Homes are selling after an average of 8 days on the market, slightly longer than the 6-day average from the prior year. Additionally, the number of homes sold in March increased to 133, up from 116 the previous year.
In the rental sector, Bellevue’s average rent stands at $2,688 as of April 2026, marking a 0.3% increase year-over-year. This figure surpasses the national average rent of $1,930, highlighting the premium associated with living in Bellevue.
Several new developments are underway to address housing demand. The Altaire at East Main project plans to offer 146 income-restricted units, with construction anticipated to begin in March 2027. Similarly, the Forest Edge development in the Lake Hills neighborhood aims to provide 100 affordable housing units, supported by a $12.1 million commitment from the Bellevue City Council.
Furthermore, the city is seeking proposals for residential and mixed-use developments on three city-owned parcels in the BelRed and Wilburton areas. These projects could add up to 850 new housing units, contributing to the transformation of these neighborhoods into vibrant, transit-oriented communities.
For those considering entering Bellevue’s housing market, staying informed about these trends and developments is crucial. Whether you’re looking to buy, rent, or invest, understanding the current landscape will aid in making informed decisions.