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 May 2021

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.

How much do homes in Mercer Island, WA cost?

Median Sold Price

$2,268,360

$774/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2021

+$592,526(+35.4%)

Key Takeaway

Homes in Mercer Island have sold for 35.4% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSMay 2021May 2022%
1 $400K$365K
-8.8%
2 $595K$638K
+7.2%
3 $1.3M$1.7M
+34.3%
4 $1.7M$2.4M
+37.7%
5+ $2.4M$2.9M
+19.3%

Median Sold Price Compared To Nearby Cities

Mercer Island
+35.4%
Bellevue
+26.3%
Medina
+14.3%
Seattle
+5.3%

How many homes are available in Mercer Island, WA?

Number of Homes For Sale

Apr 2022May 2022%
7882+5.1%

Homes For Sale By Bedroom Count

# BEDSApr 2022May 2022%
1 31
-66.7%
2 67
+16.7%
3 1014
+40.0%
4 3538
+8.6%
5+ 2422
-8.3%

Number of Homes Sold

Apr 2022May 2022%
3623-36.1%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

18 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Mercer Island, you could pay more than the asking price. 78.3% of homes here sold above asking price last month.

Average Sale Time

May 2021May 2022%
17 Days5 Days-68.2%

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were 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.

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

About Mercer Island, WA

Mercer Island, WA has 82 homes for sale to choose from. Between April 2022 and May 2022, Mercer Island, WA real estate market has seen increase in the number of listings by 5.1%. Listings spent 5 days on the market in May 2022, and had a median list price of $2,268,360 during the same period. This housing market listing prices have changed between April 2022 and May 2022: prices of 1 bedroom properties decreased by 8.8%, prices of 2 bedrooms properties went up by 7.2%, the cost of 3 bedrooms properties went up by 34.3%, 4 bedrooms properties became 37.7% more expensive, 5 bedrooms properties prices increased by 19.3%. Volume of homes for sale in this real estate market have seen the following changes: the quantity of 1 bedroom homes went down by 66.7%, volume of 2 bedrooms homes went up by 16.7%, volume of 3 bedrooms homes went up by 40%, number of 4 bedrooms homes increased by 8.6%, 5 bedrooms homes inventory decreased by 8.3%. In May 2022 more than 18 listings in Mercer Island, WA were sold above the asking price. During the same period more than 2 listings were sold at asking price, while more than 3 were sold below.

Related Housing Market Reports