Bellevue, WA—98004
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Bellevue, WA
As of Oct '25, the median home price in Bellevue, WA is $1,931,000, with a year-over-year change of 0.5%. This indicates that home prices in Bellevue, WA are flat. According to Zillow, the 1-year price projection is 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,931,000 | 0.5% |
| Single Family | $3,034,000 | 1.3% |
| Condos | $856,000 | -4.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $663,000 | -7.3% |
2 Bed | $1,051,000 | -3.8% |
3 Bed | $2,112,000 | 0.8% |
4 Bed | $3,184,000 | 1.3% |
| 5 Bed | $4,287,000 | 0.8% |
% of Housing Stock
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.
| Type | Median Rent | Average 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 |
% of Rental Stock
Property Listings — Bellevue, WA
As of Oct '25, Realtor.com reports that the median days on market for a home in Bellevue, WA is 51. This is a increase of 12.0% 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 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $2,120,000 | 3.0% |
Listing Count | 194 | 13.0% |
| Listings as % of Homes | 0.3% | 13.0% |
Days on Market | 51 | 12.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 39,400 | 12.6% |
% Under 18 | 15.6% | -13.8% |
% Seniors | 14.5% | -6.5% |
% WFH | 35.3% | 352.6% |
% w/ College Degree | 76.4% | 0.1% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 10.4 |
| Median Home Price | $1,931,000 |
| Median Household Income | $176,000 |