Market Update Bellevue/Kirkland

As we move into the final quarter of 2023, the real estate market in Bellevue and Kirkland continues to exhibit dynamic trends that are both exciting and indicative of broader economic patterns. This update will cover the latest trends in new construction, provide a comprehensive market update, and offer insights into the neighborhoods that make these areas so desirable.

### Real Estate Market Trends for Bellevue/Kirkland

The Bellevue and Kirkland real estate markets have remained robust throughout 2023. One of the most notable trends is the increasing average price per square foot, which currently stands at approximately $650 in Bellevue and $620 in Kirkland. These figures represent a year-over-year increase of about 7% for Bellevue and 6% for Kirkland. This upward trend is a reflection of high demand coupled with limited inventory, making it a competitive market for buyers.

### New Construction

New construction projects are popping up across both cities, catering to the high demand for modern living spaces. In Bellevue, luxury condominiums and high-rise apartments are particularly popular. Projects such as Avenue Bellevue and One88 are setting new standards for upscale urban living with their state-of-the-art amenities and prime locations.

Kirkland is also experiencing a surge in new construction, but with a slightly different focus. Here, there’s an emphasis on single-family homes and townhouses that blend seamlessly with the city's charming, community-oriented vibe. Developments like Kirkland Urban and The Walk offer residents a mix of contemporary design and suburban comfort.

### Market Update

The real estate market in Bellevue and Kirkland has shown remarkable resilience despite economic uncertainties. The average days on market (DOM) for properties have decreased to around 20 days in Bellevue and 25 days in Kirkland, indicating a fast-paced market where well-priced homes don't stay listed for long.

Inventory levels remain tight, which continues to drive up prices. However, this scarcity is somewhat mitigated by the influx of new construction projects that aim to balance supply with demand. Mortgage rates have seen slight fluctuations but remain relatively low compared to historical averages, encouraging more buyers to enter the market.

### Neighborhood Insights

Bellevue's neighborhoods each offer unique characteristics that cater to diverse preferences. Downtown Bellevue is bustling with activity, featuring high-end shopping centers like The Bellevue Collection and numerous dining options. It's an ideal location for those who enjoy an urban lifestyle with all conveniences within walking distance.

For those seeking a more tranquil environment without sacrificing proximity to amenities, neighborhoods like Somerset and Lakemont offer stunning views of Lake Washington and easy access to excellent schools and parks.

Kirkland's neighborhoods exude charm with their tree-lined streets and close-knit communities. Downtown Kirkland is known for its waterfront parks, boutique shops, and vibrant art scene. Neighborhoods like Norkirk and Juanita provide a suburban feel while being just minutes away from downtown attractions.

Houghton is another desirable neighborhood in Kirkland, offering picturesque views of Lake Washington along with top-rated schools and recreational facilities.

### Conclusion

The real estate markets in Bellevue and Kirkland continue to thrive as we head towards the end of 2023. With rising prices per square foot, rapid sales cycles, and exciting new construction projects underway, both cities remain attractive destinations for homebuyers looking for quality living spaces in dynamic communities.

Whether you're considering buying or selling property in these areas or simply want to stay informed about local real estate trends, keeping an eye on these developments will be crucial as we move forward into the new year.