Bellevue WA Real Estate Market at a Glance: Hot and Getting Hotter
Located just east of Seattle and within the heart of King County is the Bellevue real estate market, a suburban community that is growing, thriving and making a mark all its own. It may be the next door neighbor to the most influential city in the state, but Bellevue stands its own ground. There's more than 130,000 residents in the city, which has a notably vibrant downtown area. In fact, more than 10,000 residents live in the downtown which began to thrive during the recession of 2008, and there are about 1,300 businesses located there.
Bellevue is more than just Seattle's sidekick, and its current real estate market is just further proof of that fact. The hyper-competitive real estate market in Seattle is being mirrored in Bellevue, according to an article published on the Mail Tribune. Housing inventory in Bellevue is low, while the demand for luxury homes continues to rise month after month. Prices are skyrocketing, and buyers are flocking to the area in droves. There's jobs in Bellevue, where there's jobs, there's a booming real estate market.
Bellevue Real Estate At a Glance
- The median price of homes for sale in Bellevue is about $845,000. Many of the homes that can be found in Bellevue are luxury properties, which could be better described as sprawling estates. Of course, the stunning views that are found in most of these homes help to add to their appeal and their value.
- Home prices and values have risen steadily over the past year, but the last several months have been particularly exciting in the local market. Inventory levels continue to drop, driving up demand and thus catapulting the prices to new, record-setting levels.
- While neighboring city Seattle has many people who rent property rather than purchase it, the majority of Bellevue residents are home owners. About 72 percent of the people who live here own their property.
What's Next for the Bellevue Market?
As prices continue to rise, setting new records each month, it's easy to see why people might feel a bit hesitant. However, real estate experts continue to assure King County residents that the market is stable. The market is growing based on the fact that jobs are plentiful in the powerful tech sector that is thriving in the region, and many new residents are able to afford the luxurious homes in the area.
Experts also say that this is part of a typical 10-year real estate cycle, noting that Bellevue and the surrounding King County region is likely in the 7th year of this 10-year cycle. For the next several months and years, industry insiders feel that the market will continue to show increasing demand and higher home prices.
What to Do if You're Searching for Real Estate in Bellevue
Knowing the competitive nature of the current market, it can seem intimidating to begin a search for your dream home in Bellevue. It takes a bit of skill and also some patience, but it's not impossible to land one of those fantastic properties with a sprawling home and unparalleled views that have made the city famous. Working with a qualified and experienced real estate agent will help you position yourself to make a powerful offer and ultimately get the keys to the home of your dreams. With knowledge, insight and fortitude, you are sure to enjoy success in this current market.
Bellevue is a city with its own identity and its own unique atmosphere. Those who are looking for homes for sale in Bellevue should partner with a real estate agent who knows the local area and understands what it takes to compete in this record-setting market. To learn more about Bellevue WA real estate, contact us today.