Bellevue’s real estate market is experiencing notable shifts, influenced by various factors including inventory levels, pricing trends, and new developments. Understanding these changes is crucial for prospective buyers, sellers, and renters navigating the local housing landscape.
Current Market Trends
As of mid-2026, Bellevue’s housing market has shown signs of cooling. The median sale price of homes has decreased by approximately 11.3% compared to the previous year, settling around $1.5 million. Homes are now spending an average of 8 days on the market, a slight increase from 5 days last year. Additionally, the number of homes sold has seen a marginal decline, with 398 transactions recorded in May, down from 402 in the same month last year.
Rental Market Dynamics
The rental market in Bellevue remains robust. The average rent stands at $2,742, reflecting a 0.6% increase over the past year. This figure is notably higher than the national average rent of $1,951, underscoring Bellevue’s desirability and the premium associated with living in the area.
Upcoming Developments
Several significant developments are set to reshape Bellevue’s skyline and housing options:
Cloudvue Project
Scheduled for completion in 2027, the Cloudvue project is poised to be Bellevue’s largest master-planned development. Located at the highest point in Downtown Bellevue, Cloudvue will feature two 600-foot office towers offering 1.8 million square feet of modern office space. The project emphasizes sustainability and is designed to be transit-oriented, pedestrian, and bike-friendly.
Onni Group’s 606 Bellevue Tower
Another transformative project is the 606 Bellevue Tower by Onni Group. Excavation is set to begin in July 2026, with the development encompassing three towers approximately 600 feet tall. The mixed-use project will include over 1,300 apartment units, more than 400 hotel suites, and approximately 896,000 square feet of office space. Additional amenities such as a daycare, two swimming pools, commercial retail space, and a 15,000-square-foot public open space are also planned.
Conclusion
Bellevue’s real estate market is in a state of transition, with declining home prices and increased inventory offering new opportunities for buyers. The rental market remains strong, reflecting the city’s continued appeal. Upcoming developments like Cloudvue and the 606 Bellevue Tower are set to further enhance the city’s housing and commercial landscape, promising a dynamic future for Bellevue residents and investors alike.