Summary: 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. This article will outline where the Bellevue market is forecasted to be in 2020.
Home prices in Bellevue and across the state of Washington have risen dramatically over the last couple of years, though the market has cooled somewhat over the past 12 months. According to real estate market research firm Zillow, Washington State home values dipped slightly over the past year and are expected to decrease slightly over the next 12 months.
It begs the question: Where exactly will prices in Bellevue be in the near future? Will the Bellevue housing market soar, plateau or dip into 2020? 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 Fall 2019
Let’s start with a look at current home price trends in Bellevue. According to Zillow, the median sales price as of October 2019 was $903,500. That was a decline of 3% 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 $1,128,300.
That said, buyers aren’t paying any more for homes in Bellevue than they did the same time last year, according to a recent article published in the Seattle Times.
So that’s where we are now. Here’s a forecast for the Bellevue real estate market in 2020.
Housing Market Forecast for 2020: Neutral Market Expected
According to numerous sources, home prices in Bellevue and across the Seattle metro area are expected to remain somewhat stagnant through the end of this year and into 2020.
Zllow predicts that the prices for homes in Bellevue will dip slightly by 2.2%. According to the Seattle Times, the market in Bellevue has “chilled out,” though home prices are still too much for many first-time homebuyers.
Even the median rent price in Bellevue is higher than the Seattle-Tacoma-Bellevue Metro median, sitting at a whopping $2,900.
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 under 2-month’s 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 2020. 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? Sammamish Mortgage is a local, family-owned company based in Bellevue, Washington. We serve the entire state, 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.