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Bellevue, WA—98004

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$1,972,000
2.1% YoY Growth
Household Income
$176,000
40.9% YoY Growth
Days on Market
37
20.0% Longer YoY
Home Price Forecast
-2.2%
Median Rent
$2,800
14.2% YoY Growth
1-Bed Rent
$2,600
1.5% YoY Growth
2-Bed Rent
$3,380
4.6% YoY Growth
3-Bed Rent
$6,500
9.1% YoY Growth

Other Zip Codes in Bellevue, WA

98006980079800898005
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Bellevue, WA

As of May '26, the median home price in Bellevue, WA is $1,972,000, with a year-over-year change of -2.1%. This indicates that home prices in Bellevue, WA are decreasing. According to Zillow, the 1-year price projection is -2.2%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$1,972,000-2.1%
Single Family $3,143,000-2.3%
Condos $859,000-4.7%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • $660,000
    -6.8%
    2 Bed
    		$1,043,000-4.9%
    3 Bed
    		$2,168,000-2.3%
    4 Bed
    		$3,257,000-2.6%
    5 Bed $4,364,552-2.5%
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    % of Housing Stock

    Studio
    14.3%
    1 Bedroom
    25.4%
    2 Bedrooms
    29.4%
    3 Bedrooms
    12.4%
    4 Bedrooms
    11.8%
    5+ Bedrooms
    6.6%

    Rental Trends — Bellevue, WA

    As of July '25, Rentcast reports the average rent in Bellevue, WA is $3,620, with a year-over-year rent change of -14.2%. Per bedroom, the median rent as of July '25 in Bellevue, WA is studios: $2,120, 1-bedrooms: $2,700, 2-bedrooms: $4,060, 3-bedrooms: $6,340, 4-bedrooms: $5,780. The most common rental property sizes in Bellevue, WA are 1-bedroom and 2-bedroom, accounting for 36.8% and 34.8% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$2,800$3,620
    Studio Rent $2,130$2,120
    1 Bed Rent $2,600$2,700
    2 Bed Rent $3,380$4,060
    3 Bed Rent $6,500$6,340
    4 Bed Rent $5,500$5,780
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    % of Rental Stock

    Studio
    19.7%
    1 Bedroom
    36.8%
    2 Bedrooms
    34.8%
    3 Bedrooms
    5.4%
    4 Bedrooms
    1.8%
    5+ Bedrooms
    1.4%

    Property Listings — Bellevue, WA

    As of May '26, Realtor.com reports that the median days on market for a home in Bellevue, WA is 37. This is a increase of 20.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$2,330,00014.0%
    Listing Count
    		26230.0%
    Listings as % of Homes0.3%30.0%
    Days on Market
    		3720.0%
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    Demographics — Bellevue, WA

    As of the latest ACS Survey released in 2023, Bellevue, WA has a population of 39,400, which has increased by 12.6% over the past 5 years. Bellevue, WA is a moderately popular place for families, as children make up 15.6% of the population. The area has a highly educated workforce, with 76.4% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 35.3% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		39,40012.6%
    % Under 18
    		15.6%-13.8%
    % Seniors
    		14.5%-6.5%
    % WFH
    		35.3%352.6%
    % w/ College Degree
    		76.4%0.1%
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    As of the latest ACS Survey released in 2023, Bellevue, WA is a predominantly white area, with 44.7% of the population identifying as white. The white population has shrunk by 22.7% in the last 5 years. The second most common race or ethnicity in Bellevue, WA is asian, making up 40.0% of the population. Foreign-born residents account for 41.7% of the population in Bellevue, WA, and this percentage has increased by 25.2% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		44.7%-22.7%
    % Black
    		1.5%-11.8%
    % Hispanic
    		6.0%42.9%
    % Asian
    		40.0%27.4%
    % Foreign Born
    		41.7%25.2%
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    Mortgage and Risk — Bellevue, WA

    According to HUD data as of 2023, there were 396 mortgage originations in Bellevue, WA, of which 100.0% of loans were conventional mortgages. The average loan-to-value was 48.0%, with 2.0% above 90% LTV (normal). This implies small mortgage risk in Bellevue, WA. Investor activity is low, as 3.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		396
    % Conventional Loans
    		100.0%
    % Government Loans
    		0.0%
    % Investor Loans
    		3.0%
    % Second Loans
    		3.0%
    % Cash Out Refinance
    		6.0%
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    Rentals and Section 8 — Bellevue, WA

    As of 2024, the percent of homes in Bellevue, WA under the Section 8 program is 1.6%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Bellevue, WA, because HUD payments exceed market rent, while 3-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		205
    Total Units Section 8
    		205
    % Rentals under Section 8
    		1.6%
    % Occupied Section 8
    		100.0%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom$800$2,600$3,400
    2 Bedroom$580$3,380$3,960
    3 Bedroom-$1,280$6,500$5,220
    4 Bedroom$580$5,500$6,080

    Affordability — Bellevue, WA

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio10.8
    Median Home Price$1,972,000
    Median Household Income$176,000

    Bellevue, WA — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Medina, WA

    98039

    Bellevue, WA

    98005

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    98040

    Kirkland, WA

    98033

    Bellevue, WA

    98007

    Frequently Asked Questions