$10,000 Closing Credit*
$2,398,000
3,690 SqFt
4 Beds
•3 Full Baths
Sheri Li, Listing Office: COMPASS
Is Mercer Island, WA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$2,308,333
$787/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$112,000(+5.1%)
Key Takeaway
Homes in Mercer Island have sold for 5.1% more than they did a year ago.
Summary: The median home sold price in Mercer Island was $2,308,333 in October 2024, up 5.1% from last year, and the median price per square foot was $787.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $420K | $412.5K | -1.8% |
| 2 Bedrooms | $680K | $645K | -5.1% |
| 3 Bedrooms | $1.6M | $1.8M | +9.6% |
| 4 Bedrooms | $2.2M | $2.4M | +11.2% |
| 5+ Bedrooms | $2.9M | $3.2M | +8.4% |
Summary: Mercer Island housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.8%, 2 bedroom homes decreased by 5.1%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 11.2%, and 5+ bedroom homes increased by 8.4%.
Median Sold Price Compared To Nearby Cities
| Seattle East | $1.1M | $1.2M | +17.9% |
| Bellevue | $1.3M | $1.5M | +14.0% |
| Mercer Island | $2.1M | $2.3M | +5.1% |
| Medina | $4.3M | $3.9M | -9.2% |
Housing Supply in Mercer Island, WA
How many homes are available in Mercer Island, WA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 98 | 88 | -10.2% |
Summary: The Mercer Island real estate market had 88 homes for sale in October 2024, a 10.2% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 16 | 14 | -12.5% |
| 3 Bedrooms | 26 | 18 | -30.8% |
| 4 Bedrooms | 27 | 29 | +7.4% |
| 5+ Bedrooms | 28 | 25 | -10.7% |
Summary: The Mercer Island housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 12.5%, 3 bedroom homes decreased by 30.8%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes decreased by 10.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 22 | 33 | +50.0% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
11 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. 48.5% of homes here sold below asking price last month.
Summary: A total of 33 homes were sold or pending in Mercer Island in October 2024, up by 50.0% month-over-month. Of the 33 sold homes, 48% were sold under asking, 18% were sold at asking, and 33% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 9 Days | 35 Days | +286.1% |
Summary: Homes in Mercer Island had an average of 35 days on market in Oct 2024, up by 286.1% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Mercer Island are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 33 homes were sold in Mercer Island; 73% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 3% 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.