The year 2020 has been a busy one for the real estate market. But what will 2021 be like? Check out this infographic to learn more.
Thinking of buying a home in Bellevue, WA? If so, you’ll want to get familiar with the market in this area before leaping into a home purchase. So, what will the real estate market be like in Bellevue throughout 2021?
Home prices in Bellevue and across the state of Washington are continuing to rise into 2021 as they did in 2020. According to real estate market research firm Zillow, Washington State home values increased 12.1% over the past year and are expected to continue increasing over the next 12 months.
It begs the question: Where exactly will prices in Bellevue be in the near future? We’ve compiled some trends and forecasts for the Bellevue real estate market to give you a sense of where we are now, and where we might be going.
Bellevue Home Price Trends for Early 2021
Let’s start with a look at current home price trends in Bellevue. According to Zillow, the median sales price as of January 2021 was $1,056,617. That was an increase of 13.1% over the same time last year.
Those figures are for the city as a whole. Home values are even higher in the southern part of the city. The most expensive neighborhood in Bellevue right now is Somerset, with an average home price of $1,357,757.
So, that’s where we are now. Here’s a forecast for the Bellevue real estate market for 2021.
Housing Market Forecast Throughout 2021: Market Expected to Be Hot
Bellevue’s home prices actually saw a dip a couple of years ago, along with Seattle, but that’s no longer the case. From June 2018 to June 2019, the average home price in Bellevue dropped 4.5%. But the trend started to reverse as of July 2019.
Since July 2019, prices in Bellevue have increased. Over the past 12 months alone, they’ve increased by 13.1%. According to numerous sources, home prices in Bellevue and across the Seattle metro area are expected to continue rising through the end of this year and into early 2022. More specifically, Zillow predicts that home prices in Bellevue will increase 11.6% from January 2021 to January 2022.
Even the median rent price in Bellevue is higher than the Seattle-Tacoma-Bellevue Metro median, sitting at a whopping $2,244.
Limited Supply a Key Factor
Housing supply has a lot to do with these prices. Or rather, a lack of supply. There simply aren’t enough homes for sale in the area to satisfy the current level of demand. The Seattle metro area has a very low housing supply level of about 1-month worth, which is far lower than what a balanced market would be.
So the general consensus among housing analysts is that home prices in Bellevue (and the broader Seattle metro area) may not rise by much, but prices are still higher in this area compared to other centers near Seattle and in Washington State as a whole. Strong demand and limited supply will be driving factors next year as well.
Disclaimer: This article includes predictions and forecasts for the Bellevue, Washington real estate market in 2021. Such statements were provided by third parties not associated with our company. We have compiled and presented them here as an educational service for our readers.
Have Questions About Mortgages in Bellevue?
If you are planning to buy a house in Bellevue some time soon, you will want to team up with a seasoned mortgage company. Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We have been serving the entire state since 1992, as well as the broader Pacific Northwest region that includes Idaho, Colorado, and Oregon. We offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us if you have mortgage-related questions.