Bellevue, Washington, continues to experience dynamic changes in its real estate market, characterized by fluctuating home prices, ambitious development projects, and concerted efforts to enhance affordable housing options.
Current Market Trends
As of early 2026, Bellevue’s housing market remains competitive. The median sale price of a home in Bellevue was $1.6 million in February 2026, reflecting a 7.9% increase from the previous year. Homes typically receive multiple offers and sell in approximately 10 days. However, the median sale price per square foot has decreased by 5.7% year-over-year, indicating nuanced shifts within the market.
Major Development Projects
Several significant development projects are underway, poised to reshape Bellevue’s skyline and housing availability:
606 Bellevue Tower Project
Set to commence excavation in July 2026, the 606 Bellevue Tower project by Onni Group is slated to be Washington state’s largest construction endeavor. The development will feature three towers approximately 600 feet tall, encompassing over 1,300 apartment units, more than 400 hotel suites, and approximately 896,000 square feet of office space. Additional amenities include a daycare, two swimming pools, commercial retail space, and a 15,000-square-foot public open area.
Cloudvue
Anticipated for completion in 2027, Cloudvue is a sustainable, transit-oriented, mixed-use project located at the highest point in Downtown Bellevue. The development will consist of two 600-foot office towers offering 1.8 million square feet of modern office space, designed to foster collaboration and innovation.
Affordable Housing Initiatives
Addressing the need for affordable housing, Bellevue has launched several initiatives:
Altaire at East Main
SRM Development is leading the Altaire at East Main project, which plans to convert a partially built hotel into a seven-story multifamily residential building. The development will offer 146 income-restricted units, with construction expected to begin in March 2027.
Forest Edge Project
Imagine Housing has secured a $12.1 million funding award from Bellevue’s city council for the Forest Edge project. This four-story, 100-unit multifamily development will provide a mix of income-restricted apartments, featuring a central courtyard, on-site resident services, and underground parking.
City-Owned Property Developments
The City of Bellevue is seeking proposals for residential and mixed-use developments on three city-owned parcels in the BelRed and Wilburton areas. Combined, these projects could deliver up to 850 new housing units, contributing to the transformation of these neighborhoods into vibrant, transit-oriented communities.
In summary, Bellevue’s real estate landscape is marked by a blend of rising home prices, significant development projects, and proactive measures to increase affordable housing. These factors collectively contribute to the city’s ongoing growth and evolution.