Summary: 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 summer 2019.
Buying a Home in Bellevue, WA: 2019 Update
The median home value in Bellevue, Washington was $912,800 as of the summer 2019. Housing inventory is not as tight as it was last summer in 2018, and competition among buyers is not as fierce either. As a result of this supply and demand imbalance, the typical home listed for sale will go under contract fairly quickly.
Bellevue has a cool real estate market so far this summer, with prices having declined 1.6% over the past year. Zillow predicts that prices will continue to fall another 2.3% over the next year.
Those are three of the most important things you should know when buying a home in Bellevue in 2019 or 2020. Here’s an in-depth look at those three topics.
1. Median home price is at $912,800 in the summer of 2019.
If you currently live in the Seattle metro area (or anywhere in Washington for that matter), you may have noticed that home prices have dipped slightly over the past year.
Even though Washington has outpaced every other state in the nation over the last couple of years, in terms of home-price appreciation, Bellevue’s home prices are a bit on the cooler side this summer.
So those buying a home in Bellevue in 2019 will encounter lower housing costs than those who purchased last year, making this a great time to buy. And those buyers who put off their plans until 2020 may encounter even lower home prices if Zillow’s predictions are accurate.
So how much does the typical home cost in Bellevue, as of 2019? According to Zillow, the median house value for the city is at $912,800 during the summer of 2019. (The median is basically the midpoint for the market, in terms of pricing.) That was a decrease of about 1.6% from the same time a year earlier. The company’s economists predict that the median home price would decrease by another 2.3% over the next 12 months ending around July 2020.
That said, Bellevue is still ahead of Seattle, which gets a lot of media attention for being one of the most expensive cities in Washington State.
2. Housing inventory has loosened in Bellevue and across King County.
While there continues to be a shortage of housing supply in many parts of Washington state, Bellevue’s supply has loosened over the recent past, contributing to the dip in housing prices as of late. In most cities across the country, there’s currently a shortage of housing supply relative to demand. But this is not currently the case in Bellevue, and across the Seattle metro area.
Related: Housing inventory rises in Seattle
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 summer 2019, Bellevue’s inventory is still under that mark, but the market is still balancing out. As of the summer of 2019, Bellevue had a housing inventory of nearly 400, compared to just under 300 the same time last year. That’s about a 26% increase from the summer before.
With an increased supply of inventory, continued low interest rates, stabilized prices, and a healthy economic climate, buyers can be more confident that this is a great time to buy.
3. The typical home for sale spends more time on the market.
As of July 2019, homes listed for sale in the Bellevue area spent a median number of 42 days on the market. This is one of the most telling data points relating to the Bellevue real estate market.
This means that the average home listed for sale in the area is taking longer to sell these days compared to last year.
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, but they may have more time to play with compared to the summer of 2018.
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 Mortgage Company that offers a wide variety of mortgage programs and products with flexible qualification criteria. We serve the entire state, as well as the broader Pacific Northwest region that includes Idaho, Colorado, and Oregon. Please contact us if you have mortgage-related questions Last Updated: