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 market indicator is the median sold price of 3,483,000, which represents the most reliable snapshot of realized value in recent transactions and suggests pricing remains at a high absolute level relative to local norms; use this as the anchor for comps when advising sellers or appraising listings.
2. The median listing price of 4,292,500 sits above the median sold price of 3,483,000, which may indicate a meaningful gap between seller expectations and transaction outcomes and suggests pricing friction that could require listing price adjustments or stronger buyer incentives to close deals.
3. Market velocity appears slow: the median days on market is 288, which points to extended marketing periods and slower sales velocity; agents should plan longer timelines and consider staged pricing or targeted marketing to maintain buyer interest.
4. Value and rental context: the median price per square foot is 1,041 while the median market rent is 2,800 and rent year-over-year trend is up, indicating resilient rental demand; investors should weigh high acquisition costs per square foot against improving rent trends when modeling hold vs. sell strategies.
5. Macro and financing headwinds: the market temperature is neutral even as interest rate pressure is described as elevated and prevailing 30-year fixed rates are averaging 6.5%; this combination may restrain some buyers' purchasing power and encourage sellers to set realistic pricing and flexible financing terms.

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.