Bellevue Housing Market Update

Looking Deeper: Buyers Had More to Compare

Bellevue ended July with 663 homes for sale, up from 632 in June. New listings were also 34.4% higher than July 2025. Buyers were not choosing from a narrow group of homes. They could compare new listings with older inventory, including more than 200 properties that had already been on the market for over three months.

That level of choice changes the seller's job. A home is not only competing with the property next door. It is competing with every reasonable alternative a buyer can find in the same budget.

What This Really Means for Buyers

Pending sales fell from 160 in June to 122 in July, while closed sales fell from 148 to 131. Closings reflect contracts written earlier, so the lower pending count is the more current signal: buyers selected fewer homes during July even though they had more homes available.

The median closed home took 15 days to go pending. That does not mean every active listing was selling in two weeks. It describes the homes that eventually made it to closing, while hundreds of others remained available.

What This Really Means for Sellers

The median closed seller received 96.6% of the original asking price. On a home originally listed at $1.5 million, that equals approximately $1,449,000, or about $51,000 below the initial price. Some sellers received more, some received less, and some never found a buyer.

The $1,482,500 median sales price and $640 median price per square foot describe the mix of homes that closed. They do not prove that every Bellevue property changed value by the same amount. Property type, neighborhood, condition, size, lot, view, and finishes still matter.

Looking Deeper: Being Listed Was Not the Same as Being Chosen

July produced 133 canceled listings and 30 expired listings. That is 163 properties that left the market without a completed sale, compared with 131 that closed.

A cancellation can happen for many reasons, so this is not proof that every one of those homes was rejected because of price. But alongside widespread reductions, below-asking results, and more than 200 long-term listings, it shows how much work sellers had to do to earn a buyer's attention.

Looking Deeper: Every Housing Type Told a Different Story

Condos produced 39 closed sales, but they also had 230 homes available and only 35 pending sales. New construction produced only 12 closings, yet its 21 pending sales were stronger than the closed count and its successful sellers held much closer to their original price.

Townhomes had 67 homes for sale and just 10 closings. Residential resale remained the largest source of completed sales, but even that market split sharply by budget.

What This Really Means for Condos and New Construction

The median condo sale was $510,000, down 24.4% from July 2025, while the median new-construction sale was $2.91 million. That difference does not mean one segment gained or lost value uniformly. It shows that completely different homes closed in each category.

Condo price per square foot also came in at $456, compared with $899 for new construction. Size, age, location, amenities, views, condition, and the particular mix of closings can all move those figures.

Looking Deeper: Fast Closings Did Not Mean Every Listing Was Moving

New construction had the shortest median time at seven days, but that number came from only 12 closed sales while 120 homes remained available. Condos and townhomes both showed 28 days, which is much slower than the homes buyers selected in several resale price ranges.

Days on market tells us how long the successful closed properties took to find a buyer. It does not measure how long every unsold home had already been waiting.

What This Really Means for Townhome and Condo Sellers

New-construction sellers held the strongest position at 98.9% of the original asking price. Townhomes were the opposite at 91.8%, and condos followed at 94.4%.

An individual property can still perform very differently. A beautifully presented, well-priced home may attract immediate attention, while a similar home with stronger competition or an ambitious initial price may need reductions and negotiation.

Looking Deeper: Luxury Had the Most Inventory, but Not the Most Sales

The $2.35 million-plus range held 75 available homes, by far the largest resale inventory concentration, but produced 11 closings. The $1.45 million to $1.849 million range produced the most closings at 18, despite having fewer than half as many homes available.

The $2.15 million to $2.349 million range is worth watching closely in the July snapshot: seven homes closed, but only one went pending. The closings reflect earlier buyer decisions, while the single pending sale shows how little new inventory buyers selected during July.

What This Really Means Across Price Ranges

Lower price did not automatically mean faster. The homes under $1.2 million took a median of 10 days, while the $1.45 million to $1.849 million range also took 10 days. The $2.35 million-plus range took 14 days.

One Newport Hills rambler is the interesting exception. It was approaching 60 days on market and still sold about 2.1% over its final list price. That does not mean market time is irrelevant. It means a home is not automatically finished just because it did not sell during the first week. Sometimes the right buyers enter later, and sometimes more than one of them arrives at nearly the same time.

Looking Deeper: One Bidding War Did Not Define the Month

Every resale price range finished below original asking price at the median. The strongest range was $1.2 million to $1.449 million at 97.4%. The weakest was $2.15 million to $2.349 million at 95.3%.

Against that backdrop, the Somerset sale at $1.36 million was genuinely unusual. It went pending in two days and sold $160,000 over asking. A second Somerset sale and the Newport Hills rambler also finished slightly above their final asking prices, but only by comparatively modest amounts.

These sales are worth mentioning because they show what was possible, not because they show what was typical. Fewer than a handful of Bellevue homes sold above list price, and most sellers negotiated or reduced their price before finding a buyer.