Bellevue, WA
Property For sale & Area Information.
Welcome to Bellevue
Bellevue’s real estate market remains one of the most competitive in the Pacific Northwest, driven by its thriving tech sector, top-rated schools, and high quality of life. Despite elevated mortgage rates, demand continues to outpace supply, sustaining upward pressure on prices and fostering a strong seller’s market.
Median Home Prices
Single-Family Homes: Median price sits at $1.52 million, up 7% year-over-year (YoY).
Condominiums: Median price at $815,000, a 5% increase YoY.
Luxury Market (homes >$3M): Steady demand, though DOM averages 45–60 days, slightly higher than the broader market.
Inventory & Absorption
Supply: Critically low at 1.5 months of inventory (6 months is balanced).
Days on Market (DOM):
Single-family homes: 10–15 days (often selling above asking).
Condos: 20–30 days.
Price Reductions: Only 10% of listings see price cuts, typically in luxury segments or overpriced units.
Market Dynamics
Seller’s Market: Bidding wars are common, with 40% of homes selling above list price.
New Construction: Downtown high-rises (e.g., Somerset Tower) and mixed-use projects cater to professionals.
Tech Influence: Amazon’s ongoing expansion and Microsoft’s Spring Hill campus fuel demand from relocated employees.
Interest Rates & Affordability
Rates average 6.5–7% for 30-year fixed mortgages.
Affordability challenges persist: A 1.5Mhomerequires ∗∗1.5Mhomerequires ∗∗9,500/month** (mortgage + taxes), pricing out many first-time buyers.
Key Market Drivers
Employment Growth: Tech sector hiring and corporate expansions.
School Rankings: Bellevue School District ranks among WA’s top 3.
Urban Development: Walkable downtown amenities attract younger buyers.
Future Outlook (2024–2025)
Prices: Expected to rise 3–5% annually, tempered by rates.
Inventory: Slight improvement as new condo projects deliver (~500 units in 2024).
Luxury Market: Stable demand from cash-rich buyers, though DOM may lengthen.
Conclusion
Bellevue’s market remains resilient, underpinned by its economic vitality and desirability. While high costs and rates pose challenges, the city’s fundamentals suggest sustained demand, particularly in family-friendly neighborhoods (e.g., Medina, Clyde Hill) and downtown condos. Buyers should prepare for fierce competition, while sellers can capitalize on favorable conditions.
Active Listing
Bellevue Property for sale
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4 Beds 5 Baths 5,626 SqFt 0.502 Acres
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Market Report
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