Bellevue Housing Market Update: What Changed From August to September 2026

A month-over-month look at Bellevue prices, pending sales, inventory, and mortgage rates, split along I-405.

Updated October 2026 | By Mark Popach, real estate agent in Bellevue, Washington, at Popach & Co.

Bellevue home prices dipped from August to September 2026, and the drop ran much deeper west of I-405 than east of it. NWMLS data show the combined house and condo median falling 3.8% east of the freeway and 16.0% west of it. Zillow's citywide index slipped 0.5% for the month. Then mortgage rates hit 7.40% in October, the highest weekly reading of 2026. That rate jump worries me more than any September price.

Bellevue Home Prices: September 2026 vs. August 2026

Bellevue prices fell month over month on both sides of I-405. In NWMLS area 530, Bellevue east of I-405, the median for houses and condos combined dropped from $1,430,000 in August to $1,374,999 in September. In area 520, Bellevue west of I-405, it fell from $2,340,000 to $1,965,000.

The west-side number needs a caution label. Area 520 closed only 34 sales in September and 35 in August. At that volume, a handful of waterfront or new-construction closings can move the median by hundreds of thousands of dollars. Treat the 16% as a warning light. It doesn't mean every West Bellevue house lost 16% of its value in thirty days.

Zillow's index smooths out that noise. The Zillow Home Value Index for Bellevue slipped 0.5% to $1,386,450, which leaves it 4.4% below September 2025.

Information and statistics compiled and reported by the Northwest Multiple Listing Service, King County map-area breakout reports for August and September 2026. Change column calculated by Popach & Co.

Bellevue East of I-405 vs. West of I-405

East Bellevue houses still sell into tight supply, while West Bellevue has tipped toward buyers. Area 530 ended September with 3.27 months of single-family inventory, and its $1,550,000 house median matched September 2025 exactly. Area 520 finished at 8.32 months for houses, up from 6.96 in August.

Months of inventory shows how long the current listings would last at this pace, and NWMLS calls four to six months balanced.

East Bellevue houses sit below that band, and West Bellevue sits well above it.

The east side has a soft spot that its inventory number hides. Pending sales for houses in area 530 fell from 73 in August to 51 in September, 36% below September 2025. That's a sharp drop. Pending sales lead closings by roughly a month. So I expect fewer east-side closings in October, and I'd be surprised if that 3.27 months of supply doesn't climb.

West of 405, pending sales moved the other way, rising from 37 to 44. That's one more than a year earlier, and seven contracts don't make a trend. Still, buyers wrote more of them on the side where prices fell hardest. I'd want to see October before calling it a floor. For street-level price ranges, see our guide to Bellevue home prices by neighborhood.

Bellevue Condo Prices in September

Bellevue condo medians fell faster than house medians in September, on very small samples. East of I-405, the condo median dropped from $607,500 to $503,000 on 15 sales. West of I-405, where Downtown Bellevue's towers sit, it fell from $1,117,500 to $836,000, also on 15 sales. Across the whole Eastside, NWMLS put the condo median at $600,000, down 17.8% from a year earlier, with 5.99 months of inventory. Condo buyers hold more negotiating room than house buyers right now.

One east-side condo number surprised me. Pending condo sales in area 530 rose from 18 in August to 30 in September, even as rates climbed.

How Long Bellevue Homes Take to Sell

Bellevue homes now take three to six weeks to sell, depending on the source. Redfin reports a median of 24 days on market for the three months ending September, up from 18 days a year earlier. Zillow reports 41 median days to pending. They measure different things. Redfin counts homes that already sold, while Zillow tracks how long current listings take to go under contract after they hit the market. The gap suggests newer listings face a slower path than the homes that closed this summer.

Price cuts point the same way. Redfin shows 32.8% of Bellevue listings with a price drop, up 3.8 points from a year ago. Only 10.7% of homes sold above list, and the sale-to-list ratio stood at 97.2%.

Mortgage Rates Jumped From Mid-September to October

The 30-year fixed rate climbed from 6.95% on September 17 to 7.40% on October 15, according to Freddie Mac. In mid-August it sat at 6.67%. The October 8 and October 15 readings tie for the highest weekly average of 2026.

A typical Washington purchase takes roughly 30 to 45 days to close. Many September closings came from contracts that buyers wrote in August, when rates sat near 6.7%. October and November closings will carry the higher rate, and the falling east-side pendings suggest that buyers already feel the difference.

Run the payment on Redfin's $1,499,286 median with 20% down, and principal and interest come to about $7,940 a month at 6.95%. At 7.40%, it's about $8,305. That is $365 more every month for the same house. Picture a buyer who got pre-approved in August and still hasn't found a home. That buyer lost purchasing power without ever touring a listing.

Is It a Good Time to Buy a Home in Bellevue?

For buyers with solid financing, fall 2026 offers more choice than Puget Sound buyers have had in years. NWMLS reports that inventory across its service area reached its highest level since 2014, with King County active listings 31.1% above September 2025.

If I were buying this fall, I would look hardest at West Bellevue. The supply math favors it. More than eight months of house supply gives a buyer room to push on price, repairs, and closing credits. On the east side, three months of supply still favors sellers on well-priced homes, although the drop in pendings may change that by November. You can start with current Popach & Co. listings and compare them against nearby closed sales.

Waiting for lower rates is a bet. Rates could ease, or they could climb past 7.40%, and I don't know which. Neither does anyone else. Before you write an offer, ask your lender how long your rate lock lasts and what an extension costs.

Is It a Good Time to Sell a Home in Bellevue?

Selling still works in Bellevue when the price matches today's market. East of I-405, a well-priced house faces about three months of competing supply, and the house median held even with last year. East-side sellers still hold an edge. Price for October buyers, though, because they face 7.40% rates and east-side house pending sales already fell 30% from August.

The west side asks more of a seller. Area 520 ended September with 285 active listings, and new listings rose from 102 to 118. Buyers there have options. They can walk away from any home that looks expensive next to its neighbors. After close to a decade in the Bellevue market, the number I watch closest for west-side sellers is that count of competing listings. Buyers compare a home against what sits on the market today. They don't compare it against what a neighbor got in April.

If you're torn between listing now and waiting, read our take on whether to sell your Bellevue home now. Popach & Co. works with Real Broker LLC as its brokerage. We build each pricing plan from closed and pending sales on your side of the freeway.

What to Watch in Bellevue This Fall

I'm watching two numbers through November: pending sales on each side of 405, and the weekly Freddie Mac rate. If west-side pendings keep rising at 7.40%, West Bellevue prices may have found a floor. If east-side pendings keep falling, East Bellevue houses will drift toward a balanced market by the holidays.

Bellevue didn't fall off a cliff in September. It drifted lower, and the two sides of 405 drifted apart.