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 2018.
Buying a Home in Bellevue, WA: 2018 Update
The median home value in Bellevue, Washington was approaching the $1 million mark, as of late summer 2018. Housing inventory remains tight, creating competition among buyers. As a result of this supply and demand imbalance, the typical home listed for sale will go under contract fairly quickly.
Those are three of the most important things you should know when buying a home in Bellevue in 2018 or 2019. Here’s an in-depth look at those three topics.
1. Median home price was approaching $1 million in 2018.
If you currently live in the Seattle metro area (or anywhere in Washington for that matter), you probably already know that home prices have risen in recent years.
That’s an understatement, actually. Washington has outpaced every other state in the nation over the last couple of years, in terms of home-price appreciation.
So those buying a home in Bellevue in 2018 will encounter higher housing costs than those who purchased last year. And those buyers who put off their plans until 2019 will likely encounter even higher home prices.
So how much does the typical home cost in Bellevue, as of 2018? According to Zillow, the median house value for the city rose to around $948,000 during the summer of 2018. (The median is basically the midpoint for the market, in terms of pricing.) That was a gain of more than 13% from the same time a year earlier. The company’s economists predict that the median home price would rise by 7.9% over the next 12 months ending around August 2019.
The median sales price for Bellevue (which is slightly different from Zillow’s home value estimate mentioned above) actually hit $1 million in June 2018. So in that regard, we can now refer to Bellevue as a “million-dollar housing market.” That puts it ahead of Seattle, which gets a lot of media attention for being one of the most expensive cities in Washington State.
2. Housing inventory remains tight, a common condition across the Seattle area.
The “balanced” real estate market has become a relic of the past. For now anyway. In most cities across the country, there’s currently a shortage of housing supply relative to demand. And this is especially true in Bellevue, and across the Seattle metro area.
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 ha§ve a seller’s market. Having more supply, on the other hand, will create more of a buyer’s market.
As of summer 2018, Bellevue had just over a 1-month supply of homes for sale. That’s a very tight market, in terms of inventory. Seattle And Tacoma were at roughly the same level during the summer.
So anyone buying a home in Bellevue in 2018 or 2019 should be prepared for competition. Steady demand and limited supply will keep this market competitive for the foreseeable future.
3. The typical home for sale goes under contract within the first week.
As of July 2018, homes listed for sale in the Bellevue area spent a median of just seven days on the market before going under contract. 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 begins to generate offers within days of the initial listing. In many cases, desirable properties will attract multiple offers within the first day or two.
So those planning to buy a home in Bellevue will want to move quickly with a strong offer, when the right property comes along. That’s the key to success in a fast-moving real estate market.