Bellevue, WA 98004 Real Estate Market Report

ZIP Code: 98004
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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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 Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

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Key Findings

1. The primary market indicator is the $3,750,000 median sold price, which represents recent transaction-level value and suggests pricing near the upper tier of Bellevue’s SFR and condo mix; given the marketTemperature is hot, sellers can expect continuing support for premium pricing in May 2026.

2. There is a meaningful gap between the $4,895,000 median listing price and the $3,750,000 median sold price, which may indicate persistent seller price aspirations versus realized transaction outcomes and suggests pricing friction that sellers should address with calibrated list strategies or buyers can use in offer negotiations.

3. Liquidity appears mixed: the median days on market of 281 points to slower sales velocity for some listings even as the marketTemperature is hot, so sellers should plan for extended marketing timelines and buyers can selectively pursue opportunities where pricing aligns with recent sold prices.

4. Market fundamentals show stabilizing conditions: the median price per square foot of 1,024 and both price year-over-year trend and rent year-over-year trend labeled flat indicate price normalization rather than rapid appreciation; with interest rate pressure noted as moderate, prioritize accurate comps and contingency planning for financing timelines.

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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.

Bellevue, WA 98004 Real Estate Market Report

ZIP Code: 98004
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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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

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Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

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Key Findings

1. $955,000 median sold price is the primary indicator of current market value in 98004 and suggests recent transaction activity centers near this level; flat price momentum is consistent with observed year-over-year trends (price YoY trend: flat).

2. Despite a $965,250 median listing price, the gap between asking and executed values appears modest, which may indicate limited downward adjustment pressure and persistent seller pricing relative to closed transactions.

3. The market shows slower liquidity characteristics with a 296 median days on market, which points to extended marketing periods and suggests pricing friction or buyer selection dynamics even as the market temperature is classified as hot.

4. High unit economics are evident with an $852 median price per square foot and a $2,600 median market rent, implying strong underlying value per square foot while rent growth is stable (rent YoY trend: flat); interest rate pressure is moderate, which should be monitored for its potential to influence near-term demand and affordability.

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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.