Bellevue’s real estate market continues to evolve, reflecting a dynamic interplay between rising home values, new developments, and a concerted effort to expand 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, marking a 7.9% increase from the previous year. Homes typically receive multiple offers and sell in approximately 10 days, underscoring the high demand in the area. Source
Major Developments on the Horizon
Several significant projects are set to reshape Bellevue’s skyline and housing availability:
606 Bellevue Tower Project
Onni Group’s ambitious 606 Bellevue Tower project is poised to be the largest construction endeavor in Washington state. Located at 606 and 620 106th Avenue Northeast, 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. Amenities will include a daycare, two swimming pools, commercial retail space, and a 15,000-square-foot public open area. Excavation is scheduled to begin in July 2026, with an estimated construction timeline of nearly five years. Source
Cloudvue Development
Another transformative project is Cloudvue, a sustainable, transit-oriented, mixed-use development situated at the highest point in Downtown Bellevue. Slated for completion in 2027, Cloudvue will feature two 600-foot office towers offering 1.8 million square feet of modern office space, designed to foster collaboration and innovation. The development aims to balance jobs, housing, and unique amenities, contributing to Bellevue’s growth as a vibrant urban center. Source
Affordable Housing Initiatives
Recognizing the need for diverse housing options, Bellevue is actively pursuing affordable housing projects:
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. Located at 995 118th Ave SE, the development will offer 146 income-restricted units, catering to households earning between 30% and 60% of the area median income. Construction is anticipated to begin in March 2027. Source
Forest Edge Project
Imagine Housing’s Forest Edge project has secured a $12.1 million funding commitment from Bellevue’s city council. This four-story, 100-unit multifamily development in the Lake Hills neighborhood will offer a mix of income-restricted studio to three-bedroom apartments, along with a central courtyard and on-site resident services. The initiative aims to expand affordable rental housing options in Bellevue. Source
Looking Ahead
Bellevue’s real estate landscape is marked by a blend of high-demand market conditions and proactive development strategies. The city’s commitment to expanding housing options, from luxury apartments to affordable units, reflects a holistic approach to accommodating its growing population and diverse community needs. As these projects progress, Bellevue continues to solidify its position as a dynamic and inclusive urban center.