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Are you thinking about buying a home in Bellevue, Washington? If so, you’ll find the following real estate market update helpful. It compiles all of the latest market data, trends and developments that are relevant to Bellevue home buyers — fully updated for 203.
If buying a home in Bellevue, WA is on your agenda for 2026, then perhaps now might be a good time to jump into the market. There are many reasons for this, and understanding the current market will help you make a sound decision.
Washington State offers several awesome places to buy a home and live, and Bellevue 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 close proximity are seemingly endless.
Bellevue boasts tons of great neighborhoods within the confines of city limits, including spots like Somerville, Lakemont, and Newport Hills, to name a few.
The median home value in Bellevue, Washington was $1,445,800 as of February 2026, according to Zillow. Housing inventory is tight, and competition among buyers is fierce. As a result of this supply and demand imbalance, the typical home listed for sale will go under contract fairly quickly.
Bellevue is a healthy real estate market so far this year. Although prices having dipped 1.1% over the past year, according to Zillow, they are expected to inch up in 2026.
Those are three of the most important things you should know when buying a home in Bellevue in 2026. Here’s an in-depth look at those three topics.
If you currently live in the Seattle metro area (or anywhere in Washington for that matter), you may have noticed that home prices have been rather stagnant over the past year.
This has been true in pretty much all of Washington, which typically sees price increases YOY. However, most forecasts and real-estate platforms expect moderate or stable pricing in 2026, with prices not dropping sharply but showing slow growth or stability due to balanced supply/demand and continued interest from high-income buyers.
So those buying a home in Bellevue right now will encounter higher housing costs than those who purchased last year because of these home price increases.
So how much does the typical home cost in Bellevue, as of 2026? According to Zillow, the median house value for the city is at $1,445,800 as of early 2026, as mentioned. (The median is basically the midpoint for the market, in terms of pricing.)
That was slightly lower than where the average price was the same time a year earlier.
Bellevue is still ahead of Seattle, which gets a lot of media attention for being one of the most expensive cities in Washington State.
There continues to be a shortage of housing supply in many parts of Washington state, and Bellevue is no exception. Tight inventory has contributed to the rise in home prices in Bellevue and across King County over the past year. In most cities across the country, there’s currently a shortage of housing supply relative to demand.
According to the Northwest Multiple Listing Service (NMLS), the Bellevue area has basically run out of lower-priced housing inventory. Anything priced under the $500k mark is virtually impossible to find right now. Even listings in the $1 million to $1.5 million price range are very hard to find thanks to tight inventory these days.
As a general rule, a 5- to 6-month supply of homes for sale indicates a balanced real estate market. It’s not a seller’s or buyer’s market, but more “neutral” in nature. When supply falls well below that level, you have a seller’s market. Having more supply, on the other hand, will create more of a buyer’s market.
As of early 2026, Bellevue’s inventory is well under that mark. Right now, there’s about a 2.8-,onth supply of available homes in King County.
With low inventory, that means there’s less to choose from, which could push prices higher as we head further into 2026. As such, now might make a good time to get into the market in Bellevue before prices are driven even higher.
According to Redfin, many homes get multiple offers, some without any contingencies, as of early 2026. Homes tend to go pending in about 28 days, and in-demand homes go pending in as little as 5 days.
This means that the average home listed for sale in the area is not taking very long to sell these days. So those planning to buy a home in Bellevue may still want to move quickly with a strong offer when the right property comes along in 2026.
Since homes in Bellevue tend to be snatched up quickly, you’ll want to be well-prepared to put in a solid offer and close on a deal. That means you should get pre-approved for a mortgage to show sellers that you’re qualified to commit to a home purchase.
Also, consider having enough money saved up for a sizable earnest money deposit so you can remain a competitive buyer when other buyers are vying for the same homes. And if possible, try to be as flexible as possible on the closing date so you can accommodate the seller, as this is an important factor that sellers consider when choosing a buyer for their home.
One of the more important factors that should be considered when buying a home in Bellevue or another city in Washington State is the mortgage interest rate you can lock in. The interest rate plays a key role in how much you’ll end up paying for a mortgage over the long run.
The lower the rate, the better and more affordable your mortgage will be. Mortgage rates have been holding steady all year, though they’re expected to dip. As of this writing, the 30-year fixed-rate mortgage rate is 6.11%, as per Freddie Mac. Rates have dipped over the past year, and experts suggest that rates will come down even further in 2026 to hit 6% or lower by year-end.
There’s not much time left for home buyers to leverage a great opportunity to get into the Bellevue real estate market without paying any more than necessary.
Are you in need of mortgage financing to purchase a home in Bellevue, Washington? If so, we can help. Sammamish Mortgage is a Bellevue-based company that offers competitive pricing on various mortgage programs, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans, among others. We have been serving borrowers in Washington, Idaho, Oregon, Colorado, and California since 1992. Visit our website to use our mortgage calculator or to get an instant rate quote. Contact us today to get started on your mortgage application!
High demand, proximity to major tech employers, and scarce buildable land keep prices elevated.
Prices fluctuate month to month, but the long‑term trend has been upward because of steady demand.
Bellevue typically leans toward a seller’s market, with homes selling quickly and often above list price.
Single‑family homes dominate, but luxury condos and new townhomes are increasingly common.
Property taxes are moderate compared to other high‑value markets, but the total bill can feel high because home values are elevated.
Many investors see Bellevue as a strong long‑term market due to job stability and limited housing supply.
Bellevue is generally more expensive, driven by newer housing stock and strong tech‑sector demand.
Renting is usually cheaper month‑to‑month, but buying can offer better long‑term financial benefits.
Many buyers use conventional loans with 20% down, but lower‑down‑payment options exist.
Yes. Multiple‑offer situations are frequent, especially for updated homes in central locations.
Whether you’re buying a home or ready to refinance, our professionals can help.
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