Bellevue Housing Market Update

January 2025

By: Brandice Raybourn

Quick Take

The Bellevue housing market closed out 2024 with steady growth and continued buyer demand. The median sales price reached $1.825M, a 4% increase compared with the previous year, showing that Bellevue home values continued to hold strong even as overall sales slowed slightly.

Homes took an average of 16 days to sell, which was unchanged from the year before. While properties were not moving quite as quickly as the spring market tends to bring, well priced homes were still finding buyers in a reasonable timeframe.

Sellers received about 96.8% of their original list price, suggesting that buyers were negotiating slightly more than during peak competitive periods but still paying close to asking price for desirable homes.

Closed sales dipped compared with the previous year, which is common during the winter months when fewer buyers are actively searching. At the same time, inventory tightened, leaving only 63 homes available, which helped maintain upward pressure on prices.

Overall, the market showed signs of stability heading into the new year, with strong home values and limited inventory continuing to shape buyer and seller behavior.

What This Means Across Bellevue’s Resale by Price Points

Market activity varied depending on where homes were priced.

Homes priced under about $850K remained extremely limited. Very few properties were available in this range, which meant buyers searching for entry level homes in Bellevue often faced limited options.

The $850K to $1.13M range saw a noticeable jump in activity compared with the previous year. Even though overall inventory was limited, this price point attracted buyers looking for more accessible options within Bellevue.

Homes priced between $1.13M and $1.65M remained active but saw fewer sales compared with the previous year. Buyers in this range often take more time comparing homes before making a decision.

At the $1.65M and above level, demand remained steady. This higher price range continued to see consistent activity with 31 homes sold, showing that Bellevue’s luxury and move up market remained resilient.

Bellevue Market Snapshot

The December numbers showed a market that remained stable heading into the new year.

The median home price reached $1.825M, continuing Bellevue’s long term trend of rising home values.

Homes averaged 16 days on market, giving buyers time to evaluate listings while still keeping the market moving.

Inventory dropped to 63 available homes, tightening supply compared with the previous year.

Homes sold for 96.8% of their original list price on average, indicating that most sellers were still receiving strong offers.

These conditions reflected a market that remained balanced but competitive, especially for well priced homes in desirable Bellevue neighborhoods.

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 talk through what the numbers mean and how they may impact your plans.