Bellevue’s real estate market is experiencing notable shifts, with recent data indicating a slight 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 swiftly, averaging just 8 days on the market, and typically receive multiple offers.
Market Dynamics
Despite the dip in prices, the market remains competitive. In March 2026, 133 homes were sold, marking a 14.7% increase from the same period last year. The sale-to-list price ratio stands at 99.63%, indicating that homes are selling close to their asking prices. Inventory levels are tight, with only 2.6 months of supply available, underscoring the ongoing demand for housing in the area.
Upcoming Developments
Several significant developments are on the horizon, poised to reshape Bellevue’s housing landscape:
Cloudvue
Set to transform the Eastside, Cloudvue is a sustainable, mixed-use project featuring two 600-foot office towers offering 1.8 million square feet of modern office space. The development emphasizes environmental consciousness and wellness, aiming for LEED and Fitwel certifications. Cloudvue is slated for completion in 2027.
Versant Bellevue
Located at 11040 Main St., Versant Bellevue is a 351-unit multifamily community replacing an existing office building. The project includes a mix of studios to three-bedroom units, with 71 designated as affordable housing. Amenities feature a large outdoor courtyard, rooftop terrace, fitness center, and co-working spaces. Completion is expected in the third quarter of 2028.
Forest Edge
In the Lake Hills neighborhood, the Forest Edge project is a four-story, 100-unit affordable housing development. Supported by a $12.1 million commitment from the Bellevue City Council, the project offers a range of income-restricted apartments from studios to three-bedroom units, along with a central courtyard and on-site resident services.
Conclusion
Bellevue’s real estate market is dynamic, characterized by a slight decrease in home prices, rapid sales, and limited inventory. The introduction of substantial developments like Cloudvue, Versant Bellevue, and Forest Edge reflects the city’s commitment to accommodating growth and providing diverse housing options. Prospective buyers and investors should stay informed about these trends and upcoming projects to make well-informed decisions in this evolving market.