Bellevue’s real estate market continues to evolve, reflecting broader regional trends and local developments. As of mid-2026, the median home value in Bellevue stands at approximately $1.5 million, marking a slight decrease of 3.7% over the past year. Homes are typically going pending in around 11 days, indicating a market that, while cooling slightly, remains active.
Market Trends
Recent data shows a modest decline in home prices, with the median sale price at $1.5 million, down 11.3% compared to the same period last year. The median sale price per square foot is $671, reflecting an 11.9% decrease year-over-year. Despite these declines, the market remains competitive, with homes receiving an average of three offers and selling in about eight days.
Inventory and Demand
The housing supply in Bellevue is tight, with only 2.6 months of inventory available. This limited supply strengthens sellers’ negotiating positions and creates urgency for buyers. The sale-to-list price ratio is at 99.63%, indicating that homes are selling close to their asking prices. Notably, 26.32% of homes sold above the asking price, underscoring the competitive nature of the market.
New Developments
In response to ongoing demand, new residential projects are underway. High Street Residential, in partnership with MetLife Investment Management, has announced plans for an eight-story, 214-unit multifamily community near the Wilburton Light Rail Station. This transit-oriented development aims to provide additional housing options in a highly walkable neighborhood, catering to the needs of Bellevue’s growing population.
Conclusion
While Bellevue’s real estate market has experienced slight price adjustments, it remains robust. The combination of limited inventory, strong demand, and new developments positions Bellevue as a dynamic and desirable place to live. Prospective buyers and sellers should stay informed about these trends to make well-informed decisions in this evolving market.