Average Home Price in Bellevue, WA for 2023

May 10, 2021
Last updated:
January 10, 2023
In This Article

If you’re thinking of buying a home in Bellevue, WA, or anywhere else in Washington State, there are factors to consider. And perhaps one of the most important ones is the average home price. 

Obviously, it’s important to understand how many homes are being listed and selling for before you start looking for a home to buy. Understanding what the current market is like and how much homes are fetching will give you an idea of how much you may have to spend in order to get into the market.

Of course, there are price ranges when it comes to buying a home, and you can choose to spend anywhere from the very bottom end of the price spectrum if you’re on a tight budget, or spend a little more if your finances permit.

One thing is for certain: Bellevue is one of the more expensive cities in Washington State to buy a home, and for good reason. The city is a very desirable one thanks to the gorgeous natural landscaping, plenty of amenities, outdoor recreation, safe and family-friendly communities, low crime rate, great schools, and access to plenty of employment opportunities. 

Let’s take a look at Bellevue and the average home price you can expect to pay in this Seattle suburb.

Why Buy in Bellevue?

Washington State offers several awesome places to buy a home and live, and Seattle is one of the more popular places to be. The city is naturally stunning with mountains and waterways to gaze at. Further, the cultural scene is fantastic, and the employment opportunities that exist in Seattle are seemingly endless. 

Seattle boasts tons of great neighborhoods within the confines of city limits, including spots like Somerville, Lakemont, and Newport Hills, to name a few. 

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Housing Market in Bellevue, WA is Hot Right Now

Right now, the real estate market across the entire nation is sizzling. It seems that no matter where you look, home prices are through the roof, and homes are selling like hotcakes. Such is certainly the case in Bellevue. 

According to RedFin, Bellevue is in the midst of a very competitive real estate market right now. Many homes see multiple offers and bidding wars among buyers vying for the same properties. Some offers are being put in with contingencies waived by buyers in order to help them come out the winner in these situations. So much demand is driving prices up quickly.

On average, homes are selling 22 days after being listed. Further, the average home is selling 3% below the asking price! And hot properties go pending in as little as 5 days. 

Based on these figures, it’s easy to see that Bellevue is a hot housing market right now. 

Average Home Price in Bellevue WA

According to real estate research firm Zillow, the average home price in Bellevue, WA is $1,310,000 as of January 2023. That marks an 8.1% decrease from the same time last year. That’s a very fast increase in home prices, and goes to show how much equity homeowners have been able to accumulate in such a short amount of time. 

By RedFin’s data, most homes get multiple offers, often with waived contingencies. The average homes sell for about 3% below the list price and go pending in around 22 days, while hot homes can sell for about 20% above list price and go pending in around 5 days.

Bellevue is definitely a desirable place to live, and the demand is affecting home prices. It’s not exactly a cheap place to buy a home, but those who can afford to buy and live in Bellevue can take advantage of a great live/work/play lifestyle while building equity and wealth over time. 

Bellevue is certainly a great place to consider buying a home. If you do choose to plant some roots in Bellevue and make a home purchase, be sure to team up with a seasoned mortgage broker and real estate agent to ensure a successful transaction.

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Need a Home Loan in Bellevue?

Do you have questions about home loans? Are you ready to apply for a mortgage to buy a home? If so, Sammamish Mortgage can help. We are a local mortgage company from Bellevue, Washington, serving the entire state, as well as Oregon, Idaho, and Colorado. We offer many mortgage programs to buyers all over the Pacific Northwest and have been doing so since 1992. Contact us today with any questions you have about mortgages.

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