Bellevue’s real estate market is experiencing notable shifts, reflecting broader regional trends. As of March 2026, the median sale price for homes in Bellevue was $1.5 million, marking a 6.7% decrease from the previous year. Homes are selling swiftly, averaging eight days on the market, with 133 homes sold in March, a 14.7% increase year-over-year.
In the rental sector, the average rent in Bellevue stands at $2,688 as of April 2026, slightly above the national average of $1,930. This represents a 0.3% increase from the previous year, indicating a relatively stable rental market.
Several significant housing developments are underway to address the city’s growing needs. The Forest Edge project, spearheaded by Imagine Housing, is set to introduce a 100-unit affordable housing complex in the Lake Hills neighborhood. This development aims to provide income-restricted apartments ranging from studios to three-bedroom units, complete with amenities like a central courtyard and on-site resident services.
Another notable project is Altaire at East Main, a seven-story multifamily residential building planned for 995 118th Ave SE. This development will offer 146 income-restricted units, contributing to the city’s affordable housing stock.
Additionally, 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, further transforming these neighborhoods into vibrant, transit-oriented communities.
Overall, Bellevue’s real estate landscape is evolving, with efforts to balance market dynamics and housing affordability through strategic developments and policy initiatives.