In the city of Bellevue, Washington, the median house value is $940,200. In the last year, the value of houses has increased 16.2 percent and it is predicted that value will increase 8.0 percent within the following year. If this rate of increase were to continue, the cost of real estate in Bellevue will double in six years.
The per square foot median list price is $460 in Bellevue. This is higher than the median per square foot list price in the metro area of Seattle which is $268.
The current median list price of houses in Bellevue is $978,000. Selling prices are at a median of $901,600.
Bellevue’s rental market has a median cost of $2,800. This is higher than the $2,296 median rental in Seattle.
One factor that impacts the value of houses is the foreclosure rate. The higher the rate of foreclosure, the lower the value of houses in a location.
For every 10,000 houses in Bellevue, Washington, 0.2 homes go through foreclosure. The foreclosure rate is more than 10 times greater in the Seattle Metro area than in Bellevue, which breaks down to 2.1 houses being foreclosed for every 10,000. The United States has a foreclosure rate of 1.6. When a homeowner goes through foreclosure, the first thing that happens is mortgage delinquency. What is the definition of mortgage delinquency? It is the condition of a homeowner failing to make one or more payments on their mortgage.
Bellevue has a mortgage delinquency percentage of 0.4 percent. Our nation has a higher mortgage delinquency percentage of 1.6 percent. Our country went through a big recession in 2008 from which real estate prices dropped a greater amount than 20 percent in our nation. As a result, a lot of owners of homes in our nation are experiencing being underwater concerning their mortgages.
When a homeowner is underwater on their mortgage, it means the value of their property is less than what they owe. In Bellevue, Washington, 4.9 percent homeowners are underwater on their mortgages. The Seattle Metro area’s foreclosure rate is higher at 6.5 percent.
The median annual household income is $92,524 in Bellevue, Washington.