Bellevue Housing Forecast: Real Estate Prices to Rise Into 2023?

Published:
August 8, 2016
Last updated:
November 4, 2022
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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 heading into 2023?

Home prices in Bellevue and across the state of Washington have been rising steadily over the past 12 months. According to real estate market research firm Zillow, Washington State home values increased 13% over the past year and are expected to continue increasing into 2023,

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 in 2023.

Bellevue Home Price Trends for 2023

Let’s start with a look at current home price trends in Bellevue. According to Zillow, the median sales price as of November 2022 was $1,547,026. That was an increase of 19.7% 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 in Somerset, with an average home price of $1.9 million.

RedFin describes the Bellevue housing market as “most competitive,” with most homes getting multiple offers, often having waived contingencies.

The average home gets around 3 offers, sells in around 18 days and sells for around 10% over the listing. Hot properties sell for as much as 40% over the listing price and go pending in about 6 days.

So, that’s where we are now. Here’s a forecast for the Bellevue real estate market for 2023.

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Housing Market Forecast Throughout 2023: 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 25.9%. According to numerous sources, home prices in Bellevue and across the Seattle metro area are expected to continue rising into early 2023.

Even the median rent price in Bellevue is higher than the Seattle-Tacoma-Bellevue Metro median, sitting between $1,937 and $3,725.

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 less than a 0.5-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 2023. 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.

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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.

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