An outdoor paradise, Bellevue is nicknamed “the city in the park” for its extensive park system. You’ll find over 2,700 acres of green space with a vast network of nature trails. A local favorite is Mercer Slough Nature Park, a 320-acre wetland that’s home to a blueberry farm popular with locals to go picking.
Bellevue’s prime location in the Pacific Northwest means it's surrounded by stunning natural beauty. The Cascade Range has a number of ski resorts for the winter months. At nearby Lake Washington, you can go swimming, boating, kayaking, and fishing. And it’s just across the lake from Seattle, making it an ideal home for commuters.
In recent years, Bellevue’s technology industry has exploded. It's home to Microsoft, Nintendo, Expedia, T-Mobile, and Potsmates. With over 145 companies based out of the city, job growth and high salaries attract newcomers from all over. The wealth in outdoor recreation and robust economy, paired with excellent amenities, such as high-end shopping and dining, and a top-rated school system, make real estate in Bellevue one of the most coveted in the state.
CNN Money has ranked it as the top city to live in and launch a business, while a new Smart Asset study finds it one of the happiest cities in the U.S. Ready to make it your new home? Here is our review of Bellevue real estate market prices, trends, and forecast for 2023.
Bellevue real estate prices will continue to rise
A suburb of Seattle, Bellevue has seen a steady increase in home prices, especially since the pandemic started. My Northwest attributes this to the exodus of residents who left the metro areas of Seattle for the eastside. Currently, the median price of a house in Bellevue is $1,004,026. Median home values increased by 3.326% from this same time last year. Based on Wallet Investor’s forecasts, investing in Bellevue real estate will yield a profit. A short-term investment of one year is expected to generate a profit of 4.04%. A long-term investment of five years is expected to generate a profit of 18.87%.
Bellevue’s population growth
According to city data, Bellevue was incorporated in 1953, and its population has grown at an average rate of 5% per year. Taking into consideration just the years between 2000 to 2021, Biggest U.S. That growth was 32.8%, so the population is actually growing exponentially. The last 2020 U.S. Census counted the population in Bellevue at 151,854 compared to the 2010 population of 122,363. Population U estimates the 2023 population is 152,952. It’s currently the fifth-largest city in Washington.
Bellevue’s booming economy
A business-friendly atmosphere continues to attract companies to Bellevue. In addition to a thriving technology industry, the growing finance, healthcare, and hospitality sectors contribute to the booming economy. Over the last year, Bellevue has seen the job market increase by 2.6%, as reported by Best Places. Future job growth over the next ten years is predicted to be 39.9%, above the national average of 33.5%. At the same time, the unemployment rate is 4.4%, below the national average of 6.0%.
Why Bellevue real estate is in high demand
A booming economy, growing job opportunities, and above-average pay will continue to attract newcomers. The real estate market in Bellevue has shown a history of stability and rising appreciation. New construction has not kept up with the demand in housing, and with less inventory, homes often get multiple offers and then sell above the asking price.
Bellevue’s ideal location adjacent to a major city gives residents an even bigger pool of job opportunities. You’re also a short ride from Seattle’s famous culinary scene, live music venues, and numerous cultural institutions. This location makes it appealing to those who want to be close to a more metropolitan lifestyle while living in a quieter suburb.
Three of Bellevue’s best neighborhoods
A highly desirable neighborhood, Somerset is known for million-dollar homes with panoramic views of Lake Washington and the Cascade Mountains. It’s In the top 15% of highest-income neighborhoods in the country. There are plenty of boutique shops, chic cafes, and upscale restaurants. Residents have direct access to Coal Creek Natural Area, a heavily-wooded protected area with three moderate-level trails.
West Bellevue is an upscale area featuring stunning waterfront properties. It’s home to numerous cultural centers and art galleries, including the Bellevue Arts Museum and the Meydenbauer Center. The Shops at Bravern, Bellevue Square, and Lincoln Square make it a premier shopping and dining destination. Golf enthusiasts can enjoy the scenic courses at Bellevue Golf Course or Glendale Country Club.
As the name suggests, Bridle Trails is an equestrian community. The neighborhood has a vast amount of open space and a network of riding trails. The Bridle Trails State Park is a forested, 482-acre park where the trails can only be used for walking or riding, and bikes are prohibited. A mix of traditional and contemporary homes are on spacious lots.
Learn more about the Bellevue real estate market
A native of Seattle who grew up in a real estate family, Sandy Piha is one of Bellevue’s top real estate agents. With over 24 years of experience, he knows firsthand the importance of putting his client’s interests first and maintaining the highest level of professionalism. He’s available to discuss current market trends with you so you can make the best possible decision whether you’re buying or selling a home in Bellevue.
