Bellevue, Washington Home Buying Trends: 2023 – 2024 Edition

June 6, 2023
Last updated:
June 6, 2023
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Bellevue, Washington is one of the most popular real estate markets in the Seattle area. And if you currently live there, or have visited in the past, you probably already know why. It has low crime rates, great schools, cultural and recreational opportunities, and plenty of natural splendor.

It’s also one of the most expensive real estate markets in the state of Washington, and for all of the same reasons mentioned above. So you definitely want to do some research before entering this housing market.

We created this guide for anyone who is planning to buy a home in Bellevue later in 2023 or in 2024. This report contains all of the latest statistics, news and developments you should know about when buying a home in Bellevue.

  1. Bellevue home prices have declined from their 2022 peak.

Like the rest of the Seattle metro area, the Bellevue real estate market experienced a sharp rise in home prices that began during the second half of 2020. This trend continued well into 2022, culminating in an all-time high median home value of more than $1.4 million.

But starting in the late summer of 2022, home prices in Bellevue, Washington began to decline. This mirrored a broader trend happening across the country, as real estate markets nationwide began to cool. It’s what economists often refer to as a market “correction,” following a period of overheated home-buying activity and price gains.

According to Zillow, the median price within the Bellevue real estate market was down to $1,260,000 in May 2023.

There’s no way to predict if prices will continue to slide. But if history is any indication, the recent downturn will be short-lived. Homes located within the Seattle metro area tend to hold their value well over time.

If you’re planning to buy a home in Bellevue during the second half of 2023, or into 2024, you could enjoy lower prices than those who purchased over the past couple of years. You could also benefit from steady appreciation over the long term, for the reasons stated above.

  1. There’s less competition these days, compared to 2021 – 2022.

Trying to buy a house in a hot real estate market can be frustrating. When buyer demand greatly exceeds supply, home buyers are forced to compete fiercely and often find themselves in bidding wars. They sometimes have to waive their contract contingencies and pay more than the asking price.

Fortunately, the real estate market in Bellevue has cooled down considerably from the pandemic-fueled frenzy of the past three years.

There are several reasons for this. For one thing, higher home prices and mortgage rates have shrunken the pool of qualified buyers. This is true for cities all across the country, and to some extent within the Bellevue real estate market as well.

Seattle-area tech company layoffs have also reduced demand within the housing market. Even those who held their jobs through the recent shakeup might now feel some financial uncertainty. People are generally more reluctant to enter the real estate market when they feel their job could be at risk.

These and other factors have reduced the number of buyers actively seeking properties within the Bellevue real estate market. This is partly why prices have declined in recent months. With fewer offers coming in, sellers often have to reduce their asking prices to attract buyers. This has led to a general decline in the median home value, as mentioned above.

Buyers who purchase a home in Bellevue later this year or in 2024 could encounter less competition and a slower pace within the real estate market. They might also have more negotiating leverage, compared to those who bought a home during previous years.

  1. Bellevue is getting two new condominium projects in 2023.

Here’s some more good news for those are planning to buy a home (or, more specifically, a condo unit) in Bellevue, Washington. Two new condominium projects are coming onto the market in 2023 and 2024.

Avenue Bellevue is a two-tower development with 365 residential condos, a 250-room InterContinental Hotel, and ground-level retail. It’s scheduled for completion in the fall 2023, with sales happening now.

The Mari condominium project, also located in Bellevue, is currently under construction. This 17-story tower will offer 138 condominiums including studio, one-, two-, and three-bedroom residences. As best we can tell right now, this project is slated for completion in early 2024.

These new condominium towers, along with other construction projects, will bring more inventory to a real estate market that could really use it.

And speaking of inventory, here something else you should know about buying a home in Bellevue in 2023 or 2024…

  1. Inventory has improved a bit, but the market remains tight.

A couple of years ago, there was practically no inventory within the Bellevue real estate market. You probably know why, due to all of the news coverage at the time. The COVID pandemic created a sharp increase in home buyer demand, across the Seattle area and elsewhere in the country. This drove inventory levels down to record-low levels.

Overall, supply conditions have improved since then. At the start of 2023, for example, the Bellevue housing market had about a 2.5-month supply of homes for sale. While still considered to be below normal, that’s a big improvement from the 0.5-month supply level experienced during the pandemic days.

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