Bellevue, Washington Housing Market Forecast Into 2024
Bellevue, Washington, nestled on the eastern shores of Lake Washington, has long been a desirable place to live due to its proximity to Seattle, excellent schools, and thriving job market. The city's real estate market has seen substantial growth over the years, but what does the future hold for Bellevue's housing market as we look ahead to 2024?
Current Market Overview:
Bellevue's housing market has been marked by strong demand and rising prices in recent years. Factors such as its booming tech industry, world-class amenities, and scenic beauty have drawn both businesses and residents to the city. The pandemic-induced shift towards remote work has only further fueled interest in Bellevue as people seek spacious homes and a higher quality of life.
Here are some key trends in the Bellevue housing market as of October 2023:
• The Bellevue housing market is very competitive and expensive, with high demand and low supply of homes. Homes in Bellevue receive 4 offers on average and sell in around 8 to 10 days on the market. The median price of a home in Bellevue increased by 7.9% in October 2023 compared to the same month last year, reaching $1.4M. Homes in Somerset Bellevue Real Estate sold faster than last year, with an average of 15 days on the market versus 14 days in October 2022. The number of homes sold in October 2023 also rose slightly from 125 to 133, indicating strong demand and a limited supply of homes in Bellevue.
• Bellevue is a popular destination for home buyers and sellers, both within and outside the Seattle metro area. From August 2023 - to October 2023, 18% of Bellevue home buyers searched to move out of Bellevue, while 82% looked to stay within the metropolitan area. Across the nation, 4% of home buyers searched to move into Bellevue from outside metros.
Forecast Into 2024:
Looking ahead to 2024, several factors are likely to shape the Bellevue housing market:
Steady Price Appreciation: While it's challenging to predict exact price increases, home prices in Bellevue will likely continue to appreciate, albeit at a potentially slower pace. Demand for housing in the city is expected to remain strong, driven by job growth and the city's overall desirability.
Increased Inventory: Developers are recognizing the need for more housing in Bellevue, and as a result, new construction projects are on the rise. This could help alleviate some of the inventory shortages, giving buyers more options.
Tech Industry Impact: The continued expansion of tech companies in Bellevue is expected to create more high-paying jobs, attracting talent from across the country. This influx of professionals will contribute to sustained demand for housing.
Interest Rates: Mortgage interest rates play a significant role in the housing market. While rates have been historically low in recent years, they have been steadily rising this year. Higher interest rates could potentially slow down price growth but would also impact affordability for buyers. The best example of this is Washington Luxury Real Estate.
Remote Work: The extent to which remote work remains a viable option for employees in the tech industry will influence housing decisions. If companies continue to embrace remote work, some employees may seek homes in more affordable areas outside of Bellevue.
The Bellevue, Washington housing market is poised for continued growth into 2024, driven by its thriving tech industry, job opportunities, and quality of life. However, challenges such as rising home prices and limited inventory persist. Potential buyers should be prepared for a competitive market, while sellers may continue to benefit from strong demand.
Investors looking to enter the Bellevue market should carefully assess their options and consider long-term growth potential. Overall, Bellevue's housing market remains an attractive destination, and with the right strategies, both buyers and sellers can navigate the market effectively in the coming years.