Is Mercer Island, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$2,250,000
$788/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Mercer Island have sold for 2.7% more than they did a year ago.
Summary: The median home sold price in Mercer Island was $2,250,000 in May 2024, up 2.7% from last year, and the median price per square foot was $788.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $450K | $415.7K | -7.6% |
| 2 Bedrooms | $660K | $629.5K | -4.6% |
| 3 Bedrooms | $1.6M | $1.7M | +7.7% |
| 4 Bedrooms | $2.2M | $2.3M | +7.0% |
| 5+ Bedrooms | $3.1M | $3.1M | -1.7% |
Summary: Mercer Island housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.6%, 2 bedroom homes decreased by 4.6%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 7%, and 5+ bedroom homes decreased by 1.7%.
Median Sold Price Compared To Nearby Cities
| Seattle East | $1.0M | $1.2M | +12.2% |
| Bellevue | $1.3M | $1.4M | +10.8% |
| Mercer Island | $2.1M | $2.2M | +2.7% |
| Medina | $5.3M | $3.9M | -25.5% |
Housing Supply in Mercer Island, WA
How many homes are available in Mercer Island, WA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 66 | 82 | +24.2% |
Summary: The Mercer Island real estate market had 82 homes for sale in May 2024, a 24.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 6 | 10 | +66.7% |
| 3 Bedrooms | 12 | 14 | +16.7% |
| 4 Bedrooms | 34 | 35 | +2.9% |
| 5+ Bedrooms | 14 | 23 | +64.3% |
Summary: The Mercer Island housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 66.7%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes increased by 64.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 23 | 26 | +13.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Mercer Island, you could pay more than the asking price. 46.2% of homes here sold above asking price last month.
Summary: A total of 26 homes were sold or pending in Mercer Island in May 2024, up by 13.0% month-over-month. Of the 26 sold homes, 27% were sold under asking, 27% were sold at asking, and 46% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 37 Days | 7 Days | -79.2% |
Summary: Homes in Mercer Island had an average of 7 days on market in May 2024, down by 79.2% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 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 May 2024, 26 homes were sold in Mercer Island; 96% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 0% 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.