Is Mercer Island, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
Since last year, Mercer Island has remained a Seller's Market.
Housing Prices
How much do homes in Mercer Island, WA cost?
Median Sold Price
$2,175,000
$772/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Summary: The median home sold price in Mercer Island was $2,175,000 in August 2023, down 7.5% from last year, and the median price per square foot was $772.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
---|---|---|---|
1 Bedroom | $375K | $425K | +13.3% |
2 Bedrooms | $680K | $650K | -4.4% |
3 Bedrooms | $1.6M | $1.6M | -3.7% |
4 Bedrooms | $2.5M | $2.2M | -12.4% |
5+ Bedrooms | $2.8M | $3.0M | +8.5% |
Summary: Mercer Island housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 13.3%, 2 bedroom homes decreased by 4.4%, 3 bedroom homes decreased by 3.7%, 4 bedroom homes decreased by 12.4%, and 5+ bedroom homes increased by 8.5%.
Median Sold Price Compared To Nearby Cities
Seattle East | $1.1M | $1.0M | -2.6% |
Bellevue | $1.4M | $1.3M | -4.2% |
Mercer Island | $2.3M | $2.1M | -7.5% |
Housing Supply
How many homes are available in Mercer Island, WA?
Number of Homes For Sale
Jul 2023 | Aug 2023 | CHANGE |
---|---|---|
77 | 73 | -5.2% |
Summary: The Mercer Island real estate market had 73 homes for sale in August 2023, a 5.2% decrease compared to July 2023.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 8 | 8 | 0.0% |
3 Bedrooms | 14 | 14 | 0.0% |
4 Bedrooms | 33 | 25 | -24.2% |
5+ Bedrooms | 22 | 25 | +13.6% |
Summary: The Mercer Island housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes decreased by 24.2%, and 5+ bedroom homes increased by 13.6%.
Number of Homes Sold
Jul 2023 | Aug 2023 | CHANGE |
---|---|---|
34 | 27 | -20.6% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 27 homes were sold or pending in Mercer Island in August 2023, down by 20.6% month-over-month. Of the 27 sold homes, 52% were sold under asking, 22% were sold at asking, and 26% were sold over asking.
Days on Market
How long does it take to sell a home in Mercer Island, WA?
Average Sale Time
Aug 2022 | Aug 2023 | CHANGE |
---|---|---|
20 Days | 31 Days | +53.8% |
Summary: Homes in Mercer Island had an average of 31 days on market in Aug 2023, up by 53.8% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During August 2023, 27 homes were sold in Mercer Island; 67% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.