The median home price in Bellevue was around $1.25 million at the beginning of 2021, and it is currently around $1.58 million.

When calculated over five years, the cumulative increase is about 26%. Compared to the national average increase of 35-45% during the same period, this is relatively low.

Breaking down the yearly trends, from 2021 to early 2022, low interest rates and the growth of tech companies led to a sharp increase in prices. From mid-2022 to 2023, the rise clearly slowed due to interest rate hikes and news of layoffs at some tech companies, with slight declines at certain points. Starting in 2024, major employers like Microsoft and Amazon are expected to stabilize, leading to a gradual recovery.

Given that the market started at such a high price point, the increase rate is naturally low. The absolute prices remain among the highest in the Seattle metropolitan area.

Factors influencing the rise and adjustments include the employment scale in the tech industry, excellent school districts, an increase in the supply of new condos and townhouses, and changes in buyer sentiment due to interest rate fluctuations.

Future prospects should be viewed cautiously. With tech industry employment stabilizing, the likelihood of a sharp decline is low, but the high absolute prices suggest that the increase will be limited.

For Korean households, considering the high entry barriers in Bellevue, it may be necessary to compare and evaluate relatively affordable nearby areas. If considering selling, it seems advantageous to monitor employment trends in the tech sector and adjust timing accordingly.