What Is the Housing Market Like in Bellevue?

Life in Bellevue, WA is known for being safe and secure. Both single individuals and families move into the area. Its proximity to Seattle makes it the perfect area for those who work in the city but want to live in a suburb. The housing market in the area has changed in recent times, and it may now be the perfect time for buyers who want to move into the area.

Population Statistics

Those living in Bellevue, WA are generally considered upper-class and upper-middle-class. The current median household income is a little more than $113,000, which is almost double the rest of the state. The majority of households are married, and the crime rate is much lower than the national average. Because of this, families find this area to be quite safe.

Housing Prices

When compared to other cities in the state, Bellevue, WA is priced much higher. The average price per square foot is currently $476, which is almost twice as much as you would expect to pay in Seattle. Most homes sell for around $870,000. Even though these prices are considered high for many, it’s still a buyer’s market right now.

Most homes on the market are single family homes. Buyers looking for either 3 or 4 bedrooms are sure to find an abundance of options available. Somerset remains the highest priced neighborhood, while it may be easier to get a better price in the Factoria neighborhood.

Most buyers can expect to negotiate for a price that’s below the listing price. On average, homes are selling for a little more than 2-percent below listing. Homes tend to stay on the market for over 30 days. Only a handful of properties are selling in less than 15 days. This makes it a prime time to consider making an offer on a luxury home in this highly sought-after city. Sellers who are motivated to sell may be willing to accept an offer for less than listing price.

Housing Trends

Even though it’s a buyer’s market, housing prices have continued to increase over the years. There is no reason to expect this trend to die away any time soon. On average, housing prices have increased about 2-percent, and they are estimated to continue increasing by about the same amount over the next year. To get the best price possible, buyers should consider jumping into the local real estate market right now.

Rental Rates

Those who want to rent will find many options available in Bellevue, WA. In comparison to other cities, rental prices are much higher. In fact, the average rental rates for the city are more than twice as much as the national average.

Renters should expect to pay about $1.74 per square foot. The average monthly rental rate is about $2,800. There are plentiful rental options available in the downtown area, many of which are popular with young professionals. Most apartments offer 1- or 2- bedroom floor plans. While not as common, it’s also possible to locate single-family rentals with 3 or more bedrooms. Lower priced rentals can be found outside the downtown area.

Families looking for a safe place to raise their children should consider Bellevue, WA. With many parks and excellent schools, it’s no wonder why this area remains so popular. Single professionals can also live in luxury in this high-class city. Home

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