Is Bellevue, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Bellevue has remained a Seller's Market.
Key Takeaway
Bellevue is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Bellevue, WA
How much do homes in Bellevue, WA cost?
Median Sold Price
$1,462,550
$686/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Bellevue have sold for 10.8% more than they did a year ago.
Summary: The median home sold price in Bellevue was $1,462,550 in May 2024, up 10.8% from last year, and the median price per square foot was $686.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $550K | $764K | +38.9% |
| 2 Bedrooms | $661.5K | $726.2K | +9.8% |
| 3 Bedrooms | $1.2M | $1.3M | +9.3% |
| 4 Bedrooms | $1.6M | $1.6M | +6.0% |
| 5+ Bedrooms | $2.5M | $2.6M | +2.0% |
Summary: Bellevue housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 38.9%, 2 bedroom homes increased by 9.8%, 3 bedroom homes increased by 9.3%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 2%.
Median Sold Price Compared To Nearby Cities
| Newcastle | $1.3M | $1.5M | +13.9% |
| Seattle East | $1.0M | $1.2M | +12.2% |
| Bellevue | $1.3M | $1.4M | +10.8% |
| Mercer Island | $2.1M | $2.2M | +2.7% |
Housing Supply in Bellevue, WA
How many homes are available in Bellevue, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 442 | 541 | +22.4% |
Summary: The Bellevue real estate market had 541 homes for sale in May 2024, a 22.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 47 | 48 | +2.1% |
| 2 Bedrooms | 94 | 110 | +17.0% |
| 3 Bedrooms | 89 | 120 | +34.8% |
| 4 Bedrooms | 115 | 147 | +27.8% |
| 5+ Bedrooms | 97 | 116 | +19.6% |
Summary: The Bellevue housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 2.1%, 2 bedroom homes increased by 17%, 3 bedroom homes increased by 34.8%, 4 bedroom homes increased by 27.8%, and 5+ bedroom homes increased by 19.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 151 | 184 | +21.9% |
Asking Price vs. Sold Price
56 Homes Were Sold
Under Asking
42 Homes Were Sold
At Asking
86 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Bellevue, you could pay more than the asking price. 46.7% of homes here sold above asking price last month.
Summary: A total of 184 homes were sold or pending in Bellevue in May 2024, up by 21.9% month-over-month. Of the 184 sold homes, 30% were sold under asking, 23% were sold at asking, and 47% were sold over asking.
Days on Market for Bellevue, WA
How long does it take to sell a home in Bellevue, WA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 15 Days | -41.5% |
Summary: Homes in Bellevue had an average of 15 days on market in May 2024, down by 41.5% compared to last year.
Breakdown of Home Sale Times
158 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Bellevue are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 184 homes were sold in Bellevue; 86% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Listings courtesy of Northwest Multiple Listing Service as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.