Bellevue Housing Market Update

February 2025

By: Brandice Raybourn

Quick Take

The Bellevue housing market started the year with strong momentum. While the median sales price dipped slightly to $2.226M, that small shift does not tell the full story of what buyers and sellers were experiencing on the ground.

The most noticeable change was how quickly homes were selling. The average time on market dropped dramatically to 7 days, showing that buyers were still acting quickly when the right home appeared.

Price per square foot climbed to $801, which suggests buyers were still willing to pay a premium for well located Bellevue homes. Even though the median price softened slightly year over year, the higher price per square foot points to strong demand and competition for desirable properties.

Inventory increased modestly compared with the previous year, giving buyers slightly more options to consider. Even with that increase, homes that were priced correctly and presented well were still attracting offers quickly.

Overall, Bellevue remained a highly competitive market where pricing strategy and preparation continued to play a major role in how fast homes sold.

What This Means Across Bellevue’s Resale by Price Points

Market activity varied depending on where a home was priced.

Homes under about $1.15M remained extremely limited. Very few homes were available in this range, which meant buyers often had to move quickly when one appeared.

The $1.15M to $1.45M range continued to see steady activity. Buyers in this range were active but also beginning to compare options more carefully when multiple listings were available.

Homes priced between $1.45M and $1.93M saw strong demand and an increase in sales activity compared with the previous year. Well prepared listings in this range continued to attract attention.

The $1.93M and above range also saw increased activity. Buyers shopping at the higher end often took more time evaluating homes, but desirable listings were still selling when priced appropriately.

Bellevue Market Snapshot

The February numbers reflected a market that remained very competitive even as inventory slowly increased.

The median home price was $2.226M, slightly lower than the previous year but still firmly within Bellevue’s premium market range.

Homes were moving quickly, averaging about 7 days on market before going pending.

Inventory reached 63 available homes, giving buyers slightly more selection than the previous year.

Homes were selling for 100% of their original list price on average, reinforcing that well priced listings were still attracting strong offers.

Overall, Bellevue continued to show strong buyer demand and fast moving listings early in the year.

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 apply to your situation.