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.
Key Takeaway
Mercer Island is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
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
Key Takeaway
Homes in Mercer Island have sold for 7.5% less than they did a year ago.
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
Key Takeaway
If you're buying a home in Mercer Island, you may be able to get a good deal. 51.9% of homes here sold below asking price last month.
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
Key Takeaway
Many homes in Mercer Island are selling fast, if you're buying plan to act quickly.
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.
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 © 2023 Northwest MLS. All rights reserved.