Buying a Home in Bellevue: An Updated Market Report for 2023

Published:
August 16, 2018
Last updated:
November 4, 2022
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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 2023, 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.

Why Buy in Bellevue?

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.

Buying a Home in Bellevue, WA: 2022 Update

The median home value in Bellevue, Washington was$1,574,026 as of November 2022. 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 hot real estate market so far this year, with prices having increased 19.7% 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 2023. Here’s an in-depth look at those three topics.

1. Median home price is $1,574,026 in late 2022

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 right now.

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 2023 may encounter higher home prices if Zillow’s predictions are accurate.

So how much does the typical home cost in Bellevue, as of 2022? According to Zillow, the median house value for the city is at $1,574,026 as of late 2022. (The median is basically the midpoint for the market, in terms of pricing.)

That was an increase of about 19.7% from the same time a year earlier. And the company’s economists predict that the median home price will continue to increase throughout 2023.

Bellevue is still ahead of Seattle, which gets a lot of media attention for being one of the most expensive cities in Washington State.

Live Bellevue Mortgage Rates

2. Housing inventory is still very tight in Bellevue and across King County.

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 late 2023, Bellevue’s inventory is well under that mark. Right now, the supply of homes in King County is still less than 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 into 2023. As such, now might make a good time to get into the market in Bellevue before prices are driven even higher.

3. The Typical Listing Spends Less Time on the Market

According to Redfin, many homes get multiple offers, some without any contingencies, as of late 2021. Homes tend to go pending in about 18 days, and in-demand homes can sell for 10% over asking price and go pending in as little as 6 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 2023.

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.

4. Mortgage Rates Are at all Time High

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 climbing all year and are expected to keep going up into 2023; as of this writing, the 30-year fixed-rate mortgage rate is 7.08%, which is far above what it was in March of 2022.

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 toward

Get an Instant Mortgage Rate Quote Today

Need a Mortgage in Bellevue?

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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