Bellevue, WA 98004 Real Estate Market Report

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.

Market Metrics

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.

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.

Property Taxes

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.

Market Trends & Context

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

Key Findings

1. The primary indicator of recent market value is the median sold price of $3,629,000, which sits well below the median listing price of $4,270,000 and suggests a notable gap between seller expectations and recent transaction prices; this gap may indicate downward pressure on asking prices as price trends are reported as down year‑over‑year.
2. The median days on market at 147 points to slower sales velocity and longer marketing times for closed transactions, which appears to reflect pricing friction rather than immediate liquidity in the early listing period.
3. Local financing conditions are a meaningful headwind: the market notes current 30‑year fixed mortgage rates around 6.6% versus 5.99% in January 2026, and the market is under elevated interest rate pressure, even as the overall market temperature is reported as neutral, suggesting a broadly balanced market that is being restrained by financing costs.
4. Rental dynamics show softness alongside sales: the median market rent of $2,915 accompanies a rent year‑over‑year trend of down, which may reduce near‑term investor demand and could weigh on condominium pricing more than single‑family pricing given recent segment weakness.

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.