Is Mercer Island, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$2,208,146
$782/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Mercer Island have sold for 0.9% less than they did a year ago.
Summary: The median home sold price in Mercer Island was $2,208,146 in April 2024, down 0.9% from last year, and the median price per square foot was $782.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $475K | $415.7K | -12.5% |
| 2 Bedrooms | $660K | $639K | -3.2% |
| 3 Bedrooms | $1.6M | $1.7M | +5.4% |
| 4 Bedrooms | $2.3M | $2.3M | +0.7% |
| 5+ Bedrooms | $3.2M | $3.1M | -2.5% |
Summary: Mercer Island housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 12.5%, 2 bedroom homes decreased by 3.2%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 0.7%, and 5+ bedroom homes decreased by 2.5%.
Median Sold Price Compared To Nearby Cities
| Seattle East | $1.0M | $1.1M | +8.9% |
| Bellevue | $1.3M | $1.4M | +7.9% |
| Mercer Island | $2.2M | $2.2M | -0.9% |
| Medina | $5.3M | $4.0M | -25.3% |
Housing Supply in Mercer Island, WA
How many homes are available in Mercer Island, WA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 54 | 65 | +20.4% |
Summary: The Mercer Island real estate market had 65 homes for sale in April 2024, a 20.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 3 | 5 | +66.7% |
| 3 Bedrooms | 9 | 12 | +33.3% |
| 4 Bedrooms | 23 | 32 | +39.1% |
| 5+ Bedrooms | 18 | 16 | -11.1% |
Summary: The Mercer Island housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 66.7%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 39.1%, and 5+ bedroom homes decreased by 11.1%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 19 | 21 | +10.5% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mercer Island, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in Mercer Island in April 2024, up by 10.5% month-over-month. Of the 21 sold homes, 43% were sold under asking, 19% were sold at asking, and 38% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 28 Days | 60 Days | +114.0% |
Summary: Homes in Mercer Island had an average of 60 days on market in Apr 2024, up by 114% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Mercer Island are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 21 homes were sold in Mercer Island; 71% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
Listings courtesy of Northwest Multiple Listing Service as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.