Bellevue, WA Real Estate Market

The wide gap between the median list price of $1,899,900 and the median sale price of $4,080,000 signals that higher-end homes are closing far above entry-level asking prices, giving luxury sellers significant leverage in negotiations. With a median of 31 days on market and a competition score of 72, well-positioned properties are moving steadily and sellers who price strategically stand to benefit from sustained buyer demand.

Buyers in 98004 should be prepared for a competitive environment where the competition score sits at 72 and homes are selling in a median of 31 days, requiring decisive action when the right property becomes available. Bedroom-level pricing ranges from $395,000 for studios all the way to $8,500,000 for 8-bedroom homes, so identifying your target segment early is essential to moving quickly and effectively.

The rental market in 98004 shows 156 rental units available with a median rent of $2,890, and rents climb to $5,900 for 4-bedroom homes and $6,395 for 5-bedroom homes, offering meaningful income potential for larger rental properties. However, with a median sale price of $4,080,000 and a price per square foot of $984.25, investors should carefully model acquisition costs against rental income to evaluate whether cap rates support their return targets.

The current 30-year fixed mortgage rate of 6.37% and the 15-year fixed rate of 5.72% add substantial carrying costs to already elevated Bellevue home prices, making careful payment planning essential for any financed purchase. Buyers with the financial flexibility to consider a 15-year mortgage at 5.72% may find meaningful long-term interest savings worth exploring given the high price points in this market.