Bellevue Market Report

Bellevue, TN Market Update: A look at February

 The Bellevue real estate market is shifting, with home prices continuing to rise, but inventory levels and market conditions are becoming more balanced. Looking at the median sale price, which gives a more accurate picture of the market without being skewed by higher-end sales, we’re seeing an 8.5% increase compared to last year. Here’s what’s happening and what it means for you.

Key Market Trends

• Home Prices Are Up – The median sale price in Bellevue rose 8.5% year-over-year to $615,000, showing steady appreciation despite shifting market conditions.
• More Homes Available – Active inventory jumped 43.1%, giving buyers more choices than they had this time last year.
• Fewer Homes Sold, But More Are Under Contract – The number of homes that closed in February fell 25%, but new contracts increased 29%, suggesting buyer activity is picking up.
• Homes Are Selling Faster – The average days on market for closed sales dropped from 40 days to 25 days, a 37.5% decrease, meaning well-priced homes are still moving quickly.
• Months of Supply Has Increased – The supply of homes is up from 2.29 months to 3.86 months, a 68.6% increase. This signals that while demand is still strong, the market is shifting slightly toward a more balanced environment.

What This Means for You

If you’re considering selling, home values are still rising, but buyers have more choices with more inventory available. That means pricing and presentation are more important than ever. The good news is that homes well-positioned in the market are still selling faster than last year, with the average time from listing to contract dropping 25% to just 48 days.

For buyers, the increase in inventory means more options, but prices continue to rise. The best homes are still moving quickly, so being prepared with financing and ready to act when the right property comes up will be important.

Overall, Bellevue’s market remains strong, but it’s evolving. If you’re considering making a move, let’s connect and talk about the best timing and strategy for your situation.