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 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

-$176,700(-7.5%)

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

# BEDSAug 2022Aug 2023CHANGE
1 $375K$425K
+13.3%
2 $680K$650K
-4.4%
3 $1.6M$1.6M
-3.7%
4 $2.5M$2.2M
-12.4%
5+ $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
-2.6%
Bellevue
-4.2%
Mercer Island
-7.5%

Housing Supply

How many homes are available in Mercer Island, WA?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE
7773-5.2%

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

# BEDSJul 2023Aug 2023CHANGE
1 01
+100.0%
2 88
0.0%
3 1414
0.0%
4 3325
-24.2%
5+ 2225
+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 2023Aug 2023CHANGE
3427-20.6%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

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 2022Aug 2023CHANGE
20 Days31 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

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 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.

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

Report Updated 27 Days Ago

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Nearby Markets

What housing markets are near Mercer Island, WA?