Bellevue, WA 98004 Real Estate Market Report

ZIP Code: 98004
Report Date: April 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The Bellevue housing market in April 2026 is characterized by a median sold price of $3,563,930, reflecting a positive trend as prices have increased up since the previous year. This upward movement in sold prices suggests strong demand despite the elevated interest rate pressure impacting affordability. The median listing price stands at $4,446,500, indicating a significant gap between asking prices and actual sales, which may create pricing friction for sellers in the current market environment.

Transaction activity appears moderate, with median days on market at 263, which indicates slower sales velocity. The current inventory conditions show elevated inventory levels relative to sales activity, suggesting a potential for buyers to negotiate better terms. While the local economy remains robust, the median market rent of $5,170 has seen a slight year-over-year decrease, which may reflect shifting dynamics in rental demand within the area.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Bellevue, WA are averaging 6.38%, which is 0.7% higher than the average rate of 5.68% observed in early 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The median sold price of $3,563,930 indicates strong market performance despite elevated interest rate pressure.

2. With a median listing price of $4,446,500, there is a notable pricing gap that may lead to pricing friction for sellers.

3. The median days on market of 263 suggests a slower sales velocity in the current market environment.

4. Elevated inventory levels relative to sales activity indicate moderate transaction volume and potential negotiation opportunities for buyers.

5. The median market rent has decreased slightly, reflecting softening rental demand in the competitive Seattle metro area.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.