Bellevue, WA—98006
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 $1,623,000, with a year-over-year change of 2.8%. This indicates that home prices in Bellevue, WA are increasing. According to Zillow, the 1-year price projection is -0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,623,000 | 2.8% |
| Single Family | $1,731,000 | 1.5% |
| Condos | $472,000 | -6.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $360,000 | -5.8% |
2 Bed | $545,000 | -4.0% |
3 Bed | $1,338,000 | 2.2% |
4 Bed | $1,792,000 | 1.2% |
| 5 Bed | $2,114,000 | 1.1% |
% of Housing Stock
Rental Trends — Bellevue, WA
As of July '25, Rentcast reports the average rent in Bellevue, WA is $3,780, with a year-over-year rent change of -0.5%. Per bedroom, the median rent as of July '25 in Bellevue, WA is studios: $2,630, 1-bedrooms: $2,050, 2-bedrooms: $2,820, 3-bedrooms: $3,930, 4-bedrooms: $4,370. The most common rental property sizes in Bellevue, WA are 2-bedroom and 4-bedroom, accounting for 31.8% and 27.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,700 | $3,780 |
| Studio Rent | $2,630 | $2,630 |
| 1 Bed Rent | $2,000 | $2,050 |
| 2 Bed Rent | $2,830 | $2,820 |
| 3 Bed Rent | $3,700 | $3,930 |
| 4 Bed Rent | $4,350 | $4,370 |
% 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 43. This is a increase of 29.0% 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 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,870,000 | 6.0% |
Listing Count | 124 | 32.0% |
| Listings as % of Homes | 0.3% | 32.0% |
Days on Market | 43 | 29.0% |
Demographics — Bellevue, WA
As of the latest ACS Survey released in 2023, Bellevue, WA has a population of 40,800, which has increased by 7.9% over the past 5 years. Bellevue, WA is a moderately popular place for families, as children make up 24.0% of the population. The area has a highly educated workforce, with 72.0% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 31.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 40,800 | 7.9% |
% Under 18 | 24.0% | 3.0% |
% Seniors | 14.8% | 0.0% |
% WFH | 31.3% | 222.7% |
% w/ College Degree | 72.0% | 7.5% |
As of the latest ACS Survey released in 2023, Bellevue, WA is a predominantly white area, with 43.6% of the population identifying as white. The white population has shrunk by 11.0% in the last 5 years. The second most common race or ethnicity in Bellevue, WA is asian, making up 41.2% of the population. Foreign-born residents account for 36.2% of the population in Bellevue, WA, and this percentage has increased by 12.8% 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 | 43.6% | -11.0% |
% Black | 1.8% | -35.7% |
% Hispanic | 8.5% | 57.4% |
% Asian | 41.2% | 10.5% |
% Foreign Born | 36.2% | 12.8% |
Mortgage and Risk — Bellevue, WA
According to HUD data as of 2023, there were 577 mortgage originations in Bellevue, WA, of which 99.0% of loans were conventional mortgages. The average loan-to-value was 51.0%, with 2.0% above 90% LTV (normal). This implies small mortgage risk in Bellevue, WA. Investor activity is low, as 2.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 577 |
% Conventional Loans | 99.0% |
% Government Loans | 1.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Bellevue, WA
As of 2024, the percent of homes in Bellevue, WA under the Section 8 program is 6.4%. 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. In Bellevue, WA, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 183 |
Total Units Section 8 | 178 |
% Rentals under Section 8 | 6.4% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $1,270 | $2,000 | $3,270 |
| 2 Bedroom | $980 | $2,830 | $3,810 |
| 3 Bedroom | $1,320 | $3,700 | $5,020 |
| 4 Bedroom | $1,500 | $4,350 | $5,850 |
Affordability — Bellevue, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.3 |
| Median Home Price | $1,623,000 |
| Median Household Income | $197,000 |