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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 2021.
If buying a home in Bellevue, WA is on your agenda for 2021, 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.
The median home value in Bellevue, Washington was $1,062,222 as of January 2021. 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 has a warm real estate market so far this winter, with prices having increased 11.9% over the past year, according to Zillow. And it’s predicted that prices will continue to increase over the next year.
Those are three of the most important things you should know when buying a home in Bellevue in 2021. 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 increased over the past year.
Washington itself has seen rapid price increases over the last couple of years, in terms of home-price appreciation, and Bellevue’s home prices are no different this winter.
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. And prices are expected to increase quite a bit this year, so those buyers who put off their plans until later in 2021 may encounter higher home prices if Zillow’s predictions are accurate.
So how much does the typical home cost in Bellevue, as of 2021? According to Zillow, the median house value for the city is at $1,062,222 during the winter of 2021. (The median is basically the midpoint for the market, in terms of pricing.)
That was an increase of about 11.9% from the same time a year earlier. And the company’s economists predict that the median home price will continue to increase throughout 2021.
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 hom 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 winter 2021, Bellevue’s inventory is well under that mark. For the first time since March 2018, the supply of homes in King County sank below one month.
With a decrease in supply of inventory, that means there’s less to choose from, which could push prices higher as we head further into 2021. 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 January 2021. Homes tend to go pending in about 8 days, and in-demand homes can sell for 6% over asking price and go pending in as little as 3 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 2021.
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. We have been serving borrowers in Washington, Idaho, Oregon, and Colorado since 1992. Contact us today to get started on your mortgage application!
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