Bellevue Home Prices: $1,523K, Down 2.2% — 5 ZIPs Analyzed (2026)

$1,522,798. That’s the typical home value in Bellevue as of February 2026. Prices are down 2.2% from a year ago, and the city has slipped from its March 2025 peak of $1.56M.

Quick answer: The average home price in Bellevue, WA is $1,522,798 as of February 2026, down 2.2% year over year. The most affordable ZIP is 98007 at roughly $1.03M.

Current Home Prices in Bellevue

The Bellevue housing market has cooled. After climbing through early 2025, the median home value peaked at $1,556,601 in March 2025 and has drifted lower through the second half of the year. February 2026 marks the second consecutive month of small declines.

The spread between the cheapest and priciest ZIPs is wide — $920,382. A buyer in 98007 pays about half of what a buyer in 98004 pays for a typical home. That is unusual for a mid-sized city and reflects how sharply Bellevue’s neighborhoods diverge by school district, lot size, and proximity to downtown.

You should also note the direction. The 12-month decline is modest in percentage terms, but in dollar terms it works out to roughly $34,000 off the median home. That is a meaningful adjustment in a market where most homes still sit above seven figures.

Bellevue Home Prices by Neighborhood

Here is the full ZIP-by-ZIP breakdown for Bellevue. Click any ZIP for more detail.

Most expensive ZIPs

• 98004 at $1,948,349. The waterfront and downtown ZIP, this is the only Bellevue area pushing $2M and sits 28% above the city average.
• 98006 at $1,649,419. A south Bellevue area that posts the highest rents in the city at $3,628 per month, suggesting strong demand from tenants who can’t or won’t buy in.
• 98005 at $1,585,449. Sits just above the city median; rents here are notably lower at $2,481, the second cheapest in town.

Most affordable ZIPs

• 98007 at $1,027,967. The only ZIP under $1.1M and the cheapest rent at $2,304. This is the entry point to Bellevue for most buyers.
• 98008 at $1,402,808. About 8% below the city average on price, but rents are the second highest at $3,354 — a notable price-to-rent gap.
• 98005 at $1,585,449. Slightly above the average for sale, but rent is low. Owners benefit; renters get a relative deal.

Rent vs Buy in Bellevue

Renting wins the math, and not by a small margin.

The average ZORI rent across Bellevue ZIPs is about $2,911 per month. Now compare that to buying.

The buying figure assumes a 20% down payment on the $1,522,798 median, a 30-year fixed mortgage at roughly 7%, plus property tax of about 1%, insurance, and routine upkeep. The result lands near $9,200 per month before maintenance.

That is more than three times the rent. A renter pocketing the $6,300 monthly difference would build a sizable savings cushion in just a few years — though they would not capture any home appreciation. With prices down 2.2% over the past year, that’s not currently a tradeoff that favors buyers.

The exception is the high-rent ZIPs. In 98006 and 98008, rents top $3,300, which narrows the gap modestly. But the math still favors renting in every Bellevue ZIP at current rates.

Population Growth and Migration

Bellevue had 154,377 residents in 2024, up from 151,786 in 2020 — a 1.7% gain over four years.

The trajectory is uneven. Bellevue lost residents in 2021, recovered through 2022, and has added population every year since. The 2024 reading is the highest in the five-year stretch.

Compared to peer cities in Washington, Bellevue’s growth is slow.

Bellevue trails every nearby city listed except Everett — and barely beats Everett. Most of the state’s population growth is happening in cheaper markets. That makes sense: when the median home costs $1.5M, even high-earning newcomers think twice. Slower in-migration takes some pressure off home prices, which helps explain the 2.2% YoY decline.

Bellevue Housing Market Trends

The 12-month price path tells a clear story.

Prices fell from March through August 2025 — six straight months — losing $44,006 from peak to trough. Since September, the market has stabilized, with values bouncing in a tight $10,000 band around $1.52M.

You can read this as a market trying to find a floor. The summer slide was steep. The fall and winter were flat. February’s modest tick downward suggests the bottom may not yet be in, but the rate of decline has clearly slowed.

Is Bellevue a Good Place to Buy in 2026?

For buyers, the data is mixed.

Prices are down 2.2% year over year — the first sustained pullback in years. The market has flattened over the past six months, which suggests the worst of the drop is likely behind it. Population growth is positive, which supports long-term demand even if it is slower than peer cities.

But affordability is brutal. A median home costs $1.52M. Mortgage rates near 7% mean monthly carrying costs around $9,200 for a typical home. Renting is dramatically cheaper at $2,911 per month on average.

This looks like a soft buyer’s market: not enough downward momentum to call it a steal, not enough upward momentum to fear missing out. If you can afford the payment and plan to stay seven-plus years, the math eventually works in your favor. If your timeline is shorter or your budget is tight, the rent calculator wins.

Bellevue Housing Market Outlook for 2026-2027

The 12-month trend shows prices dropping sharply in spring and summer 2025, then stabilizing. February 2026’s median sits just $10,313 above the August 2025 low.

If the current pace continues, prices should hold within a few percent of the $1.52M mark through mid-2026. The recent month-over-month moves are tiny — single basis points either direction — suggesting the market has found a near-term equilibrium.

The 3-month trend is essentially flat. Prices rose modestly from November through January, then dipped slightly in February. That pattern is consistent with a market that is no longer falling but has not yet started recovering.

Watch the rent-to-price ratio. Average rents around $2,911 against a $1.52M median produce a price-to-rent ratio above 40, which historically signals that prices are stretched. Any further softness in the job market would put renewed pressure on home values.

Similar Markets in WA

If Bellevue’s prices are too steep, here are nearby Washington markets to compare:

• Seattle — the metro anchor; expensive but typically below Bellevue’s median.
• Bothell — a north-end suburb that often offers Eastside access at a discount.
• Everett — substantially cheaper, with a longer Seattle commute.
• Shoreline — closer to Seattle than Bellevue, generally lower-priced.
• Bellingham — a smaller market well north of the Seattle metro, far cheaper.

Frequently Asked Questions

What is the average home price in Bellevue?

The average home price in Bellevue, WA is $1,522,798 as of February 2026. That figure represents the typical home value across all five tracked ZIP codes, with the most expensive at $1,948,349 (98004) and the cheapest at $1,027,967 (98007).

Are home prices going up or down in Bellevue?

Down. Bellevue home values have fallen 2.2% over the past 12 months. Prices peaked at $1,556,601 in March 2025 and have drifted lower since, though the rate of decline slowed sharply after August 2025.

Is it cheaper to rent or buy in Bellevue?

Renting is significantly cheaper. The average rent across Bellevue ZIPs is $2,911 per month, while the monthly cost of buying a median-priced home runs about $9,200 with 20% down at current mortgage rates — a gap of more than $6,000 per month before maintenance.

What is the most affordable neighborhood in Bellevue?

ZIP 98007 is the cheapest at $1,027,967, roughly 32% below the city average. It also has the lowest rent at $2,304 per month, making it the most accessible Bellevue ZIP for both buyers and renters.

Methodology

Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.