If you're thinking about making a move in or around Bellevue, Washington, you've probably got a lot of questions swirling around. What's happening with home prices? Is it a good time to buy or sell? Let's dive into the Bellevue housing market right now and break down what's going on, using the latest information from Redfin.
Current Bellevue Housing Market Trends:
Right off the bat, here's the scoop: the Bellevue housing market is competitive. According to Redfin, homes are getting multiple offers and selling relatively quickly. As of April 2025, the median sale price of a home in Bellevue was a significant $1.7 million, showing a 6.6% increase compared to last year. This tells us that demand is still pretty strong in this area.
Let's break down some key areas to give you a clearer picture:
Home Sales
Looking at the number of homes sold, we saw 144 homes change hands in Bellevue in April 2025. While this is still a good number, it's actually a decrease of 6.5% compared to the same month last year when 154 homes were sold. This could suggest a slight cooling in the overall volume of transactions, but it doesn't necessarily mean the market is slowing down drastically.
Home Prices
As I mentioned, the median sale price in Bellevue hit $1.7 million in April 2025. The fact that this is up 6.6% from last year clearly indicates that home values in Bellevue have continued to appreciate. When we look at the price per square foot, it also saw an increase, reaching $768, which is up by 4.8% since last year. This reinforces the trend of rising home prices in the Bellevue area.
Are Home Prices Dropping?
Based on the latest data from Redfin, home prices in Bellevue are not currently dropping. In fact, they are still on the rise, showing a solid year-over-year increase. While the pace of appreciation might fluctuate, the current data points towards continued growth in home values.
Comparison with Current National Median Price
It's always helpful to see how the local market compares to the national picture. As of April 2025, the national median home price was around $414,000, with a year-over-year change of +1.8%. Clearly, the Bellevue housing market is significantly more expensive than the national average. This reflects the desirability and strong economic factors present in the Bellevue area.
Here's a quick table to illustrate the difference:
| Metric | Bellevue, WA (April 2025) | National (April 2025) |
|---|---|---|
| Median Sale Price | $1,700,000 | $414,000 |
| Year-over-Year Change | +6.6% | +1.8% |
Housing Supply
The data doesn't explicitly state the current housing inventory numbers. However, the fact that homes are selling in around 5 days and often with multiple offers suggests that the housing supply in Bellevue is still relatively tight. When there aren't many homes available compared to the number of buyers, it tends to drive up competition and keep prices firm.
Is It a Buyer's or Seller's Housing Market?
Considering that homes in Bellevue receive an average of 3 offers and sell in around 5 days, it's safe to say that the Bellevue housing market is currently leaning towards being a seller's market. In a seller's market, there are more buyers than available homes, giving sellers more leverage in negotiations. While the number of homes sold has decreased slightly, the rapid pace of sales and price increases still favor sellers.
Market Trends
Looking at some other indicators, the sale-to-list price ratio in Bellevue was 102.0% in April 2025, which is down slightly by 1.5 percentage points year-over-year. This means that, on average, homes are still selling for 2% above their listing price, although maybe not quite as far above as they were a year ago.
Interestingly, the percentage of homes sold above the list price was 41.0%, down by 9.03 percentage points compared to last year. On the other hand, the percentage of homes with price drops was 30.4%, up slightly by 0.7 percentage points. These shifts could indicate a subtle change where buyers might be gaining a little bit of negotiating power compared to the intense competition of the previous year. However, the overall picture still points to a strong market.
Impact of High Mortgage Rates
Nationally, mortgage rates have been a significant factor influencing the housing market. Currently, as of late May 2025, the average 30-year fixed mortgage rate is around 6.89%, and the 15-year fixed-rate mortgage is about 6.03%, according to Freddie Mac. Many experts predict these rates will likely remain at or slightly above these levels for the rest of the year. Some forecasts suggest that mortgage rates might end 2025 somewhere between 6.0% and 6.2%.
High mortgage rates can impact buyer affordability and potentially cool down demand. However, in a desirable area like Bellevue, the underlying demand driven by factors like the strong job market and quality of life seems to bemitigating the full impact of these rates on price growth. People who want to live in Bellevue are often still willing to pay a premium, even with higher borrowing costs.
Bellevue Migration & Relocation Trends
It's fascinating to see where people are moving to and from Bellevue. Redfin's data from February to April 2025 shows that 22% of Bellevue homebuyers were looking to move out of the city, while 78% were aiming to stay within the metropolitan area.
Looking at inbound migration, Spokane, San Francisco, and Houston were the top metros that people were searching to move into Bellevue from. On the outbound side, Phoenix, Portland, and Bellingham were the most popular destinations for Bellevue residents looking to relocate.
This migration data can give us insights into the factors driving demand in Bellevue. The influx from major tech hubs like San Francisco could be related to job opportunities in the thriving Bellevue tech industry. The outflow to places like Phoenix and Portland might be due to factors like cost of living or lifestyle preferences.
Bellevue Housing Market Forecast
From my perspective, the Bellevue housing market remains robust, even if we're seeing some minor shifts compared to the intense activity of the past few years. The fundamental drivers of demand – a strong economy, high quality of life, and limited housing supply – are still very much in play.
For sellers, it's still a favorable time, with homes selling relatively quickly and often above the asking price. However, it might be wise to be mindful of the slight increase in price drops and the fact that homes aren't selling quite as far above list price as they were before. Pricing your home strategically is key to attracting the right buyers.
For buyers, it's a competitive market, and affordability remains a significant challenge, especially with higher mortgage rates. Being prepared with your financing, working with an experienced local agent, and being ready to act quickly are crucial if you want to secure a home in Bellevue. While there might be slightly more opportunities for negotiation than before, it's still not a market where you can expect significant price reductions.
Positive Indicators:
- Job Growth Continues
- High Demand for Homes
- Stable Economic Growth
Negative Indicators:
- Rising Interest Rates
- Potential Buyer Fatigue
- Low Available Inventory
Overall Outlook: Cautiously Positive
Should You Invest in the Bellevue Real Estate Market?
Thinking about diving into the real estate world? Bellevue, Washington, a vibrant city across Lake Washington from Seattle, often pops up as a hot investment prospect. But should you invest in the Bellevue real estate market? That's the million-dollar question, and one we'll explore together in this article. Let's unpack the factors that make Bellevue attractive, the potential challenges, and ultimately, help you decide if it's the right fit for your investment goals.
Why Consider the Bellevue Real Estate Market?
Bellevue isn't just a pretty face; it's got serious economic muscle. This contributes significantly to the desirability of the Bellevue real estate market.
- Booming Job Market: Home to tech giants like Microsoft and Amazon, Bellevue boasts a robust job market. High-paying jobs attract skilled workers, driving demand for housing and fueling the Bellevue real estate market's growth. More jobs generally mean more people needing places to live, which pushes up prices.
- Excellent Schools: Families flock to Bellevue for its top-rated public schools. This strong educational foundation makes the Bellevue real estate market attractive to families looking for long-term stability, further bolstering property values. Good schools are a big draw for families, and that can make houses in the area more valuable.
- Prime Location: Just a hop, skip, and a jump (or a short drive across a bridge) from Seattle, Bellevue offers a blend of urban convenience and suburban tranquility. Easy access to both cities makes the Bellevue real estate market desirable for commuters.
Challenges in the Bellevue Real Estate Market
Of course, no investment is without its challenges. Investing in the Bellevue real estate market is no exception.
- High Prices: Bellevue's desirability comes at a cost. The Bellevue real estate market is known for its high property values. This can make it challenging for first-time buyers or those with limited budgets to enter the market. You'll need a substantial down payment and a solid financial plan.
- Competition: With so much to offer, Bellevue attracts a lot of potential buyers. This competitive Bellevue real estate market can lead to bidding wars and quickly escalating prices. Be prepared to move fast and potentially offer above the asking price.
- Limited Inventory: The demand for housing in Bellevue often outpaces the supply. A limited inventory in the Bellevue real estate market can make finding the perfect property a challenge. Patience and persistence are key.
Is Investing in Bellevue Real Estate Right for You?
So, is the Bellevue real estate market a good investment? The answer depends on your individual circumstances and investment goals.
- Long-Term Investment: If you're looking for a long-term investment with potential for appreciation, Bellevue could be a good fit. Historically, the Bellevue real estate market has shown steady growth. However, remember that no investment is guaranteed, and market conditions can change.
- Short-Term Gains: If you're hoping to flip properties for a quick profit, the Bellevue real estate market's high prices and competition might make it more challenging. While opportunities exist, it requires careful planning and market expertise.
- Lifestyle Considerations: Bellevue offers a high quality of life, with access to excellent amenities and a thriving community. If you're looking for a place to live and invest, the Bellevue real estate market could be an excellent choice.
My Take on the Bellevue Real Estate Market
In my experience, the Bellevue real estate market is a strong contender for long-term growth. The city's economic strength, top-rated schools, and prime location make it a highly desirable place to live. However, potential investors need to be aware of the high prices and competitive environment. Careful research, due diligence, and a realistic budget are essential. If you’re willing to put in the effort, the Bellevue real estate market can offer significant long-term returns.
So, should you invest? It depends on your individual circumstances, but Bellevue real estate certainly warrants serious consideration.
Key Takeaways for Investing in the Bellevue Real Estate Market
- Pros: Strong job market, excellent schools, prime location.
- Cons: High prices, competition, limited inventory.
- Consider: Long-term investment potential, lifestyle preferences.
- Essential: Thorough research, realistic budget.
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