Bellevue, WA—98005
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 $1,560,000, with a year-over-year change of 2.6%. This indicates that home prices in Bellevue, WA are increasing. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,560,000 | 2.6% |
| Single Family | $1,830,000 | 1.8% |
| Condos | $560,000 | -3.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $397,000 | -4.1% |
2 Bed | $574,000 | -3.7% |
3 Bed | $1,416,000 | 2.4% |
4 Bed | $1,962,000 | 1.9% |
| 5 Bed | $2,332,000 | 1.1% |
% of Housing Stock
Rental Trends — Bellevue, WA
As of July '25, Rentcast reports the average rent in Bellevue, WA is $3,130, with a year-over-year rent change of -17.2%. Per bedroom, the median rent as of July '25 in Bellevue, WA is studios: $2,230, 1-bedrooms: $2,100, 2-bedrooms: $2,780, 3-bedrooms: $3,670, 4-bedrooms: $4,680. The most common rental property sizes in Bellevue, WA are 2-bedroom and 1-bedroom, accounting for 36.9% and 29.2% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,740 | $3,130 |
| Studio Rent | $2,130 | $2,230 |
| 1 Bed Rent | $1,960 | $2,100 |
| 2 Bed Rent | $2,700 | $2,780 |
| 3 Bed Rent | $3,900 | $3,670 |
| 4 Bed Rent | $4,800 | $4,680 |
% 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 59. This is a increase of 46.0% 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 | $1,540,000 | 33.0% |
Listing Count | 84 | 73.0% |
| Listings as % of Homes | 0.3% | 73.0% |
Days on Market | 59 | 46.0% |
Demographics — Bellevue, WA
As of the latest ACS Survey released in 2023, Bellevue, WA has a population of 21,900, which has increased by 16.9% over the past 5 years. Bellevue, WA is a moderately popular place for families, as children make up 21.3% of the population. The area has a highly educated workforce, with 71.2% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 32.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 21,900 | 16.9% |
% Under 18 | 21.3% | 4.9% |
% Seniors | 13.3% | -4.3% |
% WFH | 32.7% | 388.1% |
% w/ College Degree | 71.2% | 7.7% |
As of the latest ACS Survey released in 2023, Bellevue, WA is a predominantly asian area, with 44.4% of the population identifying as asian. The asian population has grown by 16.2% in the last 5 years. The second most common race or ethnicity in Bellevue, WA is white, making up 42.3% of the population. Foreign-born residents account for 42.1% of the population in Bellevue, WA, and this percentage has increased by 7.9% 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 | 42.3% | -7.0% |
% Black | 0.9% | -73.5% |
% Hispanic | 7.1% | 16.4% |
% Asian | 44.4% | 16.2% |
% Foreign Born | 42.1% | 7.9% |
Mortgage and Risk — Bellevue, WA
According to HUD data as of 2023, there were 185 mortgage originations in Bellevue, WA, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 3.0% above 90% LTV (normal). This implies small mortgage risk in Bellevue, WA. Investor activity is low, as 2.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 185 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 2.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 8.0% |
Loan Activity
Rentals and Section 8 — Bellevue, WA
As of 2024, the percent of homes in Bellevue, WA under the Section 8 program is 4.7%. 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 | 213 |
Total Units Section 8 | 213 |
% Rentals under Section 8 | 4.7% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $740 | $1,960 | $2,700 |
| 2 Bedroom | $440 | $2,700 | $3,140 |
| 3 Bedroom | $240 | $3,900 | $4,140 |
| 4 Bedroom | $20 | $4,800 | $4,820 |
Affordability — Bellevue, WA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 8.9 |
| Median Home Price | $1,560,000 |
| Median Household Income | $158,000 |