Housing Affordability in Bellevue

Housing prices keep going up and available inventory keeps shrinking . . . this combination continues to drive prices upward, with no immediate relief in sight. With Eastside home values appreciating on average 10%+ per year, finding an affordable home can be challenging.

While the suburbs are popular with some buyers, the demand for urban living is on the rise. Buyers are seeking communities walk-able to workplaces, nightlife, arts and entertainment, transportation, schools and parks. Downtown Bellevue checks off all these boxes which is what makes it an increasingly high demand place to live. While “affordable” may not be the first word that comes to mind when thinking about downtown Bellevue real estate, there are many condo communities in or within a block or two of downtown with homes priced under $500,000. So far this year 166 condos have sold in the 98004 zip code; 45% of those sold for under $500,000. There are less than 80 condos currently on the market in the downtown marketplace (about half of normal); nearly 20% are priced under $500,000. Expanding the search to condo and townhome communities within a mile of downtown significantly increases your choices and still keeps the commute to work, restaurants, shopping and events at less than five minutes.

Whether you’re a first time buyer, relocating here for a new job, downsizing from a larger home or giving up the ‘burbs for a city living, its possible to find the right fit for your lifestyle without breaking the bank.

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