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.
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
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
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
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.