Bellevue’s real estate market has experienced notable shifts recently, reflecting broader regional trends. As of June 2026, the median home price in Bellevue stands at $1,612,500, marking a 5.1% decrease compared to the same period last year. This adjustment indicates a cooling market, offering potential opportunities for buyers. The city currently has 599 active listings, representing 4.4 months of inventory, suggesting a balanced market where neither buyers nor sellers have a distinct advantage. Homes are selling in a median of 19 days, with an average sale-to-list price ratio of 97.9%, indicating that properties are generally selling close to their asking prices.
In the rental sector, Bellevue’s market remains robust. The average rent is $2,742 as of May 31, 2026, reflecting a 0.6% year-over-year increase. This stability suggests sustained demand for rental properties, likely driven by the city’s strong job market and desirable living conditions.
Development projects continue to reshape Bellevue’s housing landscape. A notable example is the planned eight-story, 214-unit multifamily community near the Wilburton Light Rail Station. This transit-oriented development aims to enhance connectivity and provide residents with convenient access to public transportation, aligning with the city’s growth and urbanization efforts.
Overall, Bellevue’s real estate market is characterized by a slight cooling in home prices, a stable rental environment, and ongoing development projects that promise to further transform the city’s housing options. Prospective buyers and renters should stay informed about these trends to make well-informed decisions in this dynamic market.