Is Mercer Island, WA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Mercer Island is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Mercer Island has remained a Seller's Market.

Key Takeaway

Mercer Island is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Mercer Island, WA

How much do homes in Mercer Island, WA cost?

Median Sold Price

$2,308,333

$787/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$112,000(+5.1%)

Key Takeaway

Homes in Mercer Island have sold for 5.1% more than they did a year ago.

Summary: The median home sold price in Mercer Island was $2,308,333 in October 2024, up 5.1% from last year, and the median price per square foot was $787.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $420K$412.5K
-1.8%
2 $680K$645K
-5.1%
3 $1.6M$1.8M
+9.6%
4 $2.2M$2.4M
+11.2%
5+ $2.9M$3.2M
+8.4%

Summary: Mercer Island housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.8%, 2 bedroom homes decreased by 5.1%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 11.2%, and 5+ bedroom homes increased by 8.4%.

Median Sold Price Compared To Nearby Cities

Seattle East
+17.9%
Bellevue
+14.0%
Mercer Island
+5.1%
Medina
-9.2%

Housing Supply in Mercer Island, WA

How many homes are available in Mercer Island, WA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
9888-10.2%

Summary: The Mercer Island real estate market had 88 homes for sale in October 2024, a 10.2% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 12
+100.0%
2 1614
-12.5%
3 2618
-30.8%
4 2729
+7.4%
5+ 2825
-10.7%

Summary: The Mercer Island housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 12.5%, 3 bedroom homes decreased by 30.8%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes decreased by 10.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2233+50.0%

Asking Price vs. Sold Price

16 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

11 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Mercer Island, you may be able to get a good deal. 48.5% of homes here sold below asking price last month.

Summary: A total of 33 homes were sold or pending in Mercer Island in October 2024, up by 50.0% month-over-month. Of the 33 sold homes, 48% were sold under asking, 18% were sold at asking, and 33% were sold over asking.

Days on Market for Mercer Island, WA

How long does it take to sell a home in Mercer Island, WA?

Average Sale Time

Oct 2023Oct 2024CHANGE
9 Days35 Days+286.1%

Summary: Homes in Mercer Island had an average of 35 days on market in Oct 2024, up by 286.1% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Mercer Island are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 33 homes were sold in Mercer Island; 73% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 13 Days Ago

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