Home values in Bellevue, Congress Heights, and Washington Highlands have eased in the latest rolling three-month view, with the typical home value down compared with a year ago and the median list price also trending lower. Compared with the same period last year, the typical home value is down around five percent, while list prices are off by a smaller margin. This softening in prices comes even as local values remain far below the wider Washington city median, which is just under $700,000. Buyers focused on affordability may find this relative discount appealing.
Listing and contract activity has picked up from last year. Homes sold are up more than 25 percent year over year, and new listings and pending sales have also risen. Inventory is roughly flat compared with a year ago, leaving the number of active listings close to last year’s level.
Homes are taking longer to sell than they did a year ago, with the median days on market now in the high 70s for this rolling three-month period, and only about one in eight properties closing above the asking price. Months of supply sits above seven, higher than in Washington overall, even though the area still registers as a seller’s market on the local gauge. Conditions point to more negotiating room for buyers while still giving well-priced homes a solid chance to move. Both buyers and sellers can benefit from an Agent Pronto–recommended real estate agent who understands these trends and can guide their next move.
