Bellevue Housing Market Update

October 2024

By: Brandice Raybourn

Quick Take

The Bellevue housing market continued to show strong demand heading into the fall. The median sales price climbed to $1.81M, a 9% increase compared with the previous year. This steady price growth reflects ongoing demand for homes in one of the region’s most competitive housing markets.

Homes were also selling quickly. The average time on market dropped to 6 days, which was faster than the previous year. When homes were priced correctly and presented well, buyers continued to act quickly.

Sellers were in a strong position, with homes selling for 100% of their original list price on average. This indicates that many listings were receiving full price offers when they matched buyer expectations.

Inventory remained limited. With 147 homes available, supply was about 10% lower than the year before. Fewer homes on the market combined with strong demand helped maintain upward pressure on prices.

Overall, Bellevue remained a fast moving and competitive market where preparation and pricing continued to make a significant difference in how quickly homes sold.

What This Means Across Bellevue’s Resale by Price Points

Different price ranges experienced different levels of activity.

Homes priced under about $850K were extremely rare in Bellevue and saw very limited activity. Buyers searching at this level often had few options available.

The $850K to $1.13M range experienced a noticeable slowdown with fewer homes selling compared with the previous year. Limited inventory likely played a role in the reduced activity.

Homes priced between $1.13M and $1.65M remained active, though sales were slightly lower than the year before. Buyers in this range were still purchasing homes but often took more time comparing options.

The $1.65M and above range continued to lead the market with the highest level of activity. This range recorded 50 homes sold, showing that Bellevue’s luxury and move up market remained particularly strong.

Bellevue Market Snapshot

The October numbers reflected a market with strong demand and relatively limited supply.

The median home price reached $1.81M, continuing Bellevue’s upward pricing trend.

Homes were going pending quickly, averaging just 6 days on market.

Inventory stood at 147 available homes, which was slightly lower than the previous year.

Homes sold for 100% of their original list price on average, showing that buyers were still willing to meet seller expectations for well priced listings.

These conditions created a market where buyers needed to be prepared to act quickly while sellers benefited from strong demand.

Thinking About Buying or Selling in Bellevue?

If you are thinking about buying or selling a home in Bellevue and want to understand what the market looks like right now, feel free to reach out anytime. I am always happy to walk through what the numbers mean and how they may impact your plans.