Bellevue, WA—98008
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 $1,373,000, with a year-over-year change of -0.3%. This indicates that home prices in Bellevue, WA are flat. According to Zillow, the 1-year price projection is -0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,373,000 | -0.3% |
| Single Family | $1,436,000 | -0.8% |
| Condos | $604,000 | -5.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $387,000 | -5.6% |
2 Bed | $633,000 | -2.8% |
3 Bed | $1,215,000 | -1.8% |
4 Bed | $1,515,000 | -0.8% |
| 5 Bed | $1,746,000 | -0.6% |
% of Housing Stock
Rental Trends — Bellevue, WA
As of July '25, Rentcast reports the average rent in Bellevue, WA is $4,100, with a year-over-year rent change of 3.5%. Per bedroom, the median rent as of July '25 in Bellevue, WA is studios: $1,610, 1-bedrooms: $1,860, 2-bedrooms: $2,990, 3-bedrooms: $3,740, 4-bedrooms: $5,000. The most common rental property sizes in Bellevue, WA are 3-bedroom and 2-bedroom, accounting for 27.7% and 22.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,950 | $4,100 |
| Studio Rent | $1,500 | $1,610 |
| 1 Bed Rent | $2,000 | $1,860 |
| 2 Bed Rent | $2,550 | $2,990 |
| 3 Bed Rent | $3,650 | $3,740 |
| 4 Bed Rent | $4,200 | $5,000 |
% 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 36. This is a increase of 22.0% 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 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,620,000 | 3.0% |
Listing Count | 71 | 28.0% |
| Listings as % of Homes | 0.3% | 28.0% |
Days on Market | 36 | 22.0% |
Demographics — Bellevue, WA
As of the latest ACS Survey released in 2023, Bellevue, WA has a population of 27,100, which has increased by 6.3% over the past 5 years. Bellevue, WA is a moderately popular place for families, as children make up 21.4% of the population. The area has a highly educated workforce, with 66.8% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 31.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,100 | 6.3% |
% Under 18 | 21.4% | -6.6% |
% Seniors | 19.7% | 11.3% |
% WFH | 31.9% | 258.4% |
% w/ College Degree | 66.8% | 11.0% |
As of the latest ACS Survey released in 2023, Bellevue, WA is a predominantly white area, with 51.5% of the population identifying as white. The white population has shrunk by 13.6% in the last 5 years. The second most common race or ethnicity in Bellevue, WA is asian, making up 32.2% of the population. Foreign-born residents account for 39.6% of the population in Bellevue, WA, and this percentage has increased by 24.9% 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 | 51.5% | -13.6% |
% Black | 1.3% | -55.2% |
% Hispanic | 9.0% | 3.4% |
% Asian | 32.2% | 37.0% |
% Foreign Born | 39.6% | 24.9% |
Mortgage and Risk — Bellevue, WA
According to HUD data as of 2023, there were 387 mortgage originations in Bellevue, WA, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 4.0% above 90% LTV (normal). This implies small mortgage risk in Bellevue, WA. Investor activity is low, as 2.0% of loans were by investors. 4.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 387 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 4.0% |
Loan Activity
Rentals and Section 8 — Bellevue, WA
As of 2024, the percent of homes in Bellevue, WA under the Section 8 program is 7.8%. 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 | 194 |
Total Units Section 8 | 194 |
% Rentals under Section 8 | 7.8% |
% Occupied Section 8 | 99.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $870 | $2,000 | $2,870 |
| 2 Bedroom | $790 | $2,550 | $3,340 |
| 3 Bedroom | $750 | $3,650 | $4,400 |
| 4 Bedroom | $930 | $4,200 | $5,130 |
Affordability — Bellevue, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.2 |
| Median Home Price | $1,373,000 |
| Median Household Income | $175,000 |