Bellevue Real Estate Market
Bellevue Community Summary
Bellevue, Washington has long been a very popular place to live, work and of course, to buy a home or condo - particularly with many domestic and international economic ties. For many decades, the Bellevue real estate market has consistently out-performed other neighboring communities, particularly due to the easy access to downtown Seattle via either the Hwy 520, or I-90 bridges across Lake Washington.
Buyers will typically find that Bellevue homes for sale are among the most expensive on the Eastside. And, while the allure of the many multi-million dollar waterfront homes along Lake Washington is obvious, other Bellevue neighborhoods are just as popular for views not only across the lake, but of downtown Seattle and the Olympic Mountains as well. Communities such as Somerset, Woodridge, and Lakemont may offer a home buyer the opportunity to purchase a home with a spectacular view. Options for new construction homes are limited - most new home builders & residential real estate developers focus on areas to the north and east.
Bellevue Home Prices
Bellevue Home Buyer Preparation
Due to strong demand, home prices in Bellevue, Washington are generally higher than neighboring communities, with prices often 30-40% higher (or more) compared to other areas. Prices also tend to increase more quickly during "seller's markets". Regardless, home buyers must be prepared to act fast, especially those who are seeking a mortgage, as the number of "all cash" buyers is higher than average here.
Bellevue List/Sale Price Ratio
In 2015, homes for sale in the Bellevue MLS sold at an average of 99% of asking price, and in some areas, competing buyers pushed final sold prices 10% or more over the original listing price, with most homes selling in a week or less. In such real estate market conditions, multiple offer situations are to be expected.
Bellevue Condos vs. Single Family Homes
Buyers can expect small condos and townhomes to start in the mid $100's, and rapidly rise into the $500's or more - some of the larger hi-rise condos in Downtown Bellevue start in the $800's, with luxury units on the highest floors selling for well over 1 million. Single family properties start in the low $400's in some areas - the median listing price in mid-2016 was in the upper $900's.
Search all Bellevue Homes For Sale
Located just to the northwest of Downtown Bellevue, the community of Clyde Hill isn't really a neighborhood, but a separate incorporated city with about 3,000 residents. The community is known for upscale rambler homes and luxury estates with views of Lake Washington - and its easy commute to Downtown Seattle. Home prices start in the upper $600's, and quickly rise into the millions. Read more about the Clyde Hill neighborhood.
Cougar Mountain is generally located to the east of Lakemont Blvd and along SE 60th St in southern Bellevue, and is appreciated by residents not only due to the close proximity to I-90, but also the natural park-like setting which surrounds the neighborhood. Subdivisions include Cougar Ridge, Cougar Glen and Fairmont, with new luxury homes by CamWest (aka Toll Brothers) in the Belvedere subdivision. Search active home listings & read more about the Cougar Mountain neighborhood.
Originally known as Sunset Ranch, Eastgate is an established community located just to the south of I-90 and generally north of SE Newport Way, and was annexed by Bellevue in 2012. Homes typical of the Eastgate neighborhood include rambler and split-level home styles - prices range from the lower $400's. Eastgate is primarily residential with approxilately 5000 residents. Subdivisions include Tamara Hills, and Horizon View. Search the newest homes for sale & read more about the Eastgate neighborhood.
Ideally located along Lake Hills Blvd and 148th Ave SE in southern Bellevue, the neighborhood of Lake Hills has remained consistently popular with home buyers. Homes are primarily smaller mid-century ramblers, split-level homes and a few condos, and are commonly updated or fully remodled, yet the area is generally less expensive - buyers will typically find more affordable homes due to smaller square footage. Read more about the Lake Hills neighborhood and see find the latest real estate listings.
Also located in southern Bellevue on the western side of Cougar Mountain, the Lakemont community has approximately 3,000 residents. Home and condo prices start in the mid $300's, and quicky rise into the low millions. Lakemont is among the most sought-after neighborhoods in Bellevue, with homes selling quickly - in 2013, most homes sold in under 30 days. Subdivisions in Lakemont include Vuemont Meadows, Greystone and Chandler Park. Search all real estate for sale and read more about the Lakemont neighborhood.
Situated on a plateau between Lake Washington and the Coal Creek natural area, the community of Newport Hills is another exceptionally popular neighborhood in Bellevue - the area is predominantly residential with mostly single family homes, townhomes and a few condos consisting of small ramblers and split-levels. Condo prices start in the low to mid $100's, with most single-family homes being priced in the mid $400's and higher. Newport Hills homes sell quickly & multiple offers are common. The community is served by both the Bellevue & Renton school districts. Read more about the Newport Hills neighborhood.
The Somerset neighborhood is also located in southern Bellevue to the south of Newport Way, just north of Coal Creek Park. Known for it's winding residential streets and sweeping views over Lake Washington & downtown, Somerset is always in high demand with home buyers. The community has a mix of homes old and new with prices typically ranging from the upper $500's and into the low one millions - especially for homes with a view. Subdivisions in Somerset include Monthaven, Forest Park and Forest Glen. Read more about the Somerset neighborhood and view today's new MLS listings!
Moving To Bellevue Washington
Are you considering moving to Bellevue soon? Moving from one area of town to another is difficult enough, but moving across country can be a major challenge!
To help home buyers who are considering relocating, we have compiled this list of community resources and utility information specific to the area. If you have any questions about the logistics of moving to Bellevue, commuting & driving distances, neighborhood information, etc., please give us call or email. Of course, we also hope you consider our Bellevue real estate services when buying your next home!
Bellevue Utility Information
- Water & Sewer: City of Bellevue Utilities 425-452-6973
- Electricity & Gas: Puget Sound Energy (PSE) 888-225-5773
- Phone & Internet: Verizon 800-483-4100
- Phone & Internet: CenturyLink 800-244-1111
- Cable, Internet & Phone: Comcast 1-800-266-2278
- Garbage & Waste: Republic Services (Allied Waste) 425-452-4762
Bellevue City & Public Services
- City of Bellevue Website
- Service First Main Number 425-452-6800
- Business Licenses: 425-452-6851
- City Manager Office: 425-452-7228
- City Council Office: 425-452-7810
- Parks & Community Services: 425-452-6885
- Development Services (Code Enforcement): 425-452-6800
- Pet Licensing: Service First Desk 425-452-6800
- Bellevue Regional Library 425-450-1765
Bellevue School District Information
- Bellevue School District Website
- Enrollment Questions: Student Placement 425-456-4200
- School Closure Info: News-Line 425-456-4111
- Press Inquiries: Communications Office 425-456-4000
- Employment: Human Resources 425-456-4040
Photos Courtesy of JC Winkler via Flickr.com