Bellevue Housing Market Update

December 2024

By: Brandice Raybourn

Quick Take

The Bellevue housing market finished the year with strong momentum. The median sales price reached $1.812M, a 6% increase compared with the previous year, showing that home values in Bellevue continued to climb despite limited inventory.

Homes were still selling quickly. The average time on market remained at 6 days, matching the pace from the year before. When well priced homes came to market, buyers continued to move fast.

Sellers were also receiving strong offers, with homes selling for 100% of their original list price on average. This reflects continued buyer demand, particularly for homes that were well prepared and priced appropriately.

Closed sales increased to 78 homes, which was a notable jump compared with the previous year. At the same time, available inventory dropped to 95 homes, meaning buyers still had relatively few options to choose from.

Overall, Bellevue ended the year in a strong position with rising prices, quick sales, and continued demand from buyers.

What This Means Across Bellevue’s Resale by Price Points

Activity varied depending on where homes were priced.

Homes priced under about $850K remained extremely rare in Bellevue. Buyers searching at this level often faced limited inventory and fewer opportunities.

The $850K to $1.13M range saw much lower activity during this period, with very few homes selling. Limited supply likely played a role in the slowdown within this range.

Homes priced between $1.13M and $1.65M saw the largest increase in activity. This range recorded 30 homes sold, reflecting strong interest from buyers looking for move up opportunities within Bellevue.

At the $1.65M and above level, the luxury market remained very active with 47 homes sold, continuing a trend of strong demand in higher price ranges.

Bellevue Market Snapshot

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

The median home price reached $1.812M, continuing Bellevue’s upward pricing trend.

Homes were selling quickly, averaging about 6 days on market before going pending.

Inventory dropped to 95 available homes, keeping supply relatively tight across the city.

Sellers received 100% of their original list price on average, reinforcing how competitive the market remained for well positioned 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 might impact your plans.