Market Overview (2025 vs 2024)
Bellevue’s condominium market in 2025 appeared to cool compared to the banner year of 2024. By the numbers, both sales volume and prices dipped: total condo sales fell and the median sale price declined year-over-year.
However, this apparent downturn is misleading without context. The previous year (2024) saw a surge of new-construction condo closings, notably from the Avenue Bellevue development, which had many presales sold in earlier years. Those presale closings inflated 2024’s figures, making 2025’s more normal activity look anemic by comparison. In reality, excluding new construction sales, Bellevue’s resale condo market held steady, even showing slight growth in pricing.
In other words, the condo market is not falling, but just normalizing after an outlier year of presale new-construction closings in 2024.
2025 Bellevue Condo Market Highlights
Here are key stats that summarize Bellevue’s condo market performance in 2025 (with year-over-year changes in parentheses):
- Most expensive condo sold: One Lincoln Tower #3004 – $5,050,000 (a 3,007 sq. ft. luxury unit, sold in May 2025, topping the year’s condo sales).
- Least expensive condo sold: Palazzo (Downtown Bellevue) #508 – $300,000 (a 446 sq. ft. studio condo, sold at the end of 2025).
- Median condo sale price: $955,000 (↓ 12.1% year-over-year).
- Total number of condo sales: 209 units (↓ 31.7% vs. 2024’s unusually high volume).
- Average days on market (DOM): 46 days (↑ 76.9%, homes took much longer to sell than the ~26-day average in 2024).
- Average size of condos sold: 1,284 sq. ft. (reflecting a mix of unit sizes, from small studios to large luxury residences).
- Average price per square foot: $979 per sq. ft. (↓ 17.1% YoY, due to fewer high-priced new construction sales in the mix).
Importantly, the resale market (excluding new construction) told a different story:
- Median resale condo price: $900,000 (↑ 1.4% YoY, a modest increase).
- Average resale price per sq. ft.: $898 (↑ 6.5% YoY, a significant jump).
These resale figures confirm that values for existing condos actually rose in 2025, even though the overall median fell when new luxury units from 2024 are counted. The volume of resale transactions was essentially flat to 2024 (even up about 1%).
At first glance, the double-digit drops in 2025’s condo sales and median prices might suggest a downturn. In truth, 2024 was an outlier. That year’s completion of projects like Avenue and Mari added over 100 high-priced condo closings over 12 months, boosting 2024’s sales count and average price metrics.
By contrast, 2025 had no comparable spike in presale closings. Thus, the market reverted to a more typical pace.
When we compare apples to apples (resale vs. resale), 2025 actually slightly outperformed 2024. Resale condo sales volume was roughly flat (up ~1.4%), and prices inched up, with the median resale price just over $900K (a bit higher than 2024) and price-per-foot rising ~6.5%. This indicates that demand for existing condos remained solid and even pushed prices upward in the face of higher interest rates.
The stark overall declines were largely a mathematical artifact of 2024’s one-time new construction spike in presale closings, rather than a true market decline. Having said that, new construction sales continued to be constrained due to a high price premium of around 70% versus resales.
In terms of market dynamics, 2025 did see a cooler, more balanced market. Mortgage rates in 2025 trended modestly lower and more stable than in 2024, easing from the high-6% range toward the low-6% range by year-end, but remaining elevated enough to continue constraining affordability and overall sales activity.
More homes lingered on the market, and inventory grew as some listings took longer to sell. This is reflected in Bellevue’s condos averaging 46 days on market (nearly 77% longer than the prior year). Even removing new construction closings to reflect the fact that presales are deemed to have an artificial zero days on market, the average days on market in 2025 was 32% higher than in 2024. In short, buyers had more negotiating power in 2025 than they did during the low-interest-rate-driven market of a few years ago.
Notable Sales and Trends
Even in a cooler market, Bellevue saw robust activity at the high end. The priciest condo sale of 2025 was a 30th-floor residence at One Lincoln Tower, which sold for $5.05 million. This three-bedroom, 3,000+ sq. ft. unit showcased the continued demand for luxury living in downtown Bellevue. On the other end, the most affordable sale was a studio unit at The Palazzo, a concrete-and-steel building on 106th Ave NE, which sold for $300K. This range, from $300K to $5M+, highlights the diverse condo offerings in Bellevue, from entry-level studios to opulent penthouses.
Takeaways for Buyers and Sellers
For prospective Bellevue condo buyers, Bellevue’s 2025 market offered a more measured and navigable environment than in recent years. With moderate sales and homes taking longer to sell, buyers generally faced less urgency and fewer bidding wars than during the peak market years. This created opportunities, particularly in the resale segment, where pricing proved resilient but competition was more manageable. That said, demand for well-located, high-quality condos remained strong, and the most desirable properties continued to command premium pricing.
For Bellevue condo sellers, 2025 reinforced the importance of realistic expectations and thoughtful pricing strategies. Condos sold more slowly than in 2024, with an average of 46 days on market, meaning patience and preparation mattered more than speed.
While headline market stats suggested softness, resale pricing stability showed that properly priced condos in strong buildings and locations continued to attract buyers. Sellers who aligned their pricing with current market conditions were best positioned to achieve successful outcomes.
Overall, Bellevue’s condo market in 2025 was a tale of two markets. A relatively balanced resale condo market, along with a new construction condo market, which saw limited sales due to a very high pricing premium vis-à-vis the resale market.
