4-week rolling average · Data through March 12, 2026 · ZIP 98004
Bellevue's 98004 zip code is showing a striking divergence between the median list price of $1,899,000 and the median sale price of $4,298,000, suggesting that higher-end luxury homes are heavily driving closed transactions. With 214 active listings and a median of 28 days on market, this is a fast-moving market where well-priced properties are not sitting long. At $974.51 per square foot, Bellevue continues to command premium pricing consistent with its status as one of the most competitive submarkets in the Pacific Northwest.
| Beds | Sale Price | Rent |
|---|---|---|
| 1BR | $840K | $2K/mo |
| 2BR | $1.20M | $3K/mo |
| 3BR | $2.19M | $5K/mo |
| 4BR | $2.84M | $7K/mo |
| 5BR | $4.80M | — |
| 6BR | $4.40M | — |
| 7BR | $7.85M | — |
| 8BR | $8.50M | — |
The gap between the median list price and median sale price signals that luxury and larger homes are closing well above entry-level asking prices, giving higher-end sellers significant leverage. With a median of just 28 days on market, properly priced homes are moving quickly, so sellers who price strategically stand to benefit from strong buyer demand.
Buyers in 98004 should be prepared for a competitive environment, as the market is rated hot with a temperature position of 75 and homes are selling in an average of 28 days. The bedroom-level pricing data shows a wide range from $349,000 for studios to $8,500,000 for 8-bedroom homes, so buyers should identify their target segment early and move decisively when the right property becomes available.
The rental market in 98004 shows 162 rental units available with a median rent of $2,600, and rent climbs to $6,700 for 4-bedroom homes, offering meaningful cash flow potential for larger rental properties. However, with a median sale price of $4,298,000 and a median price per square foot of $974.51, investors should carefully model acquisition costs against rental income to evaluate cap rates before committing.
The current 30-year fixed mortgage rate sits at 6.00% and the 15-year fixed is at 5.43%, which adds significant carrying costs to already elevated Bellevue home prices. Buyers financing at these rates on a median-priced home should factor in the monthly payment impact carefully, and those with flexibility may want to explore the 15-year option to reduce long-term interest expense.
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Market intelligence by FarmPosts