Downtown Bellevue, Washington, has claimed the title of the fourth most expensive city in the United States, according to a recent analysis by American Home Shield. This ranking is based on the price per square foot of property, which averages $3,619 in this bustling neighborhood.
As per data from Zillow.com, as of December 31, 2023, the median listing price for a home in Downtown Bellevue stands at $1,198,500.
While over 22,000 neighborhoods were analyzed nationwide using Homes.com., it’s no surprise that many of the top 20 priciest areas are located in California, Florida, and New York. Conversely, more affordable locales are found in states like Ohio, Missouri, and Indiana.
The top five most expensive neighborhoods in order were South of Market in San Francisco, Northwest Auburn in Placer County, California, Old Town Carpinteria in Santa Barbara County, California, Downtown Bellevue in Kind County, Washington, and Port Royal in Collier County, Florida.
Downtown Bellevue’s high ranking can be attributed in part to its thriving community of well-compensated professionals. The neighborhood serves as Bellevue’s central business district and hosts major tech giants such as Amazon and Meta.
In recent years, property prices in Downtown Bellevue have skyrocketed. For instance, in January 2022, median home prices surged by 72.5% compared to the previous year. Homes in Bellevue typically had a median price of $1.6 million and spent six days on the market.
This trend was forecasted to persist by experts like Moya Skillman of Team Foster at Compass, who cited factors like Eastside job growth, an influx of buyers from California, and Seattle-to-Eastside migration as key drivers of the imbalance between supply and demand, keeping prices on an upward trajectory.