Mercer Island, WA Home Values & Market Trends

Real estate market trends reflect that there have been 266 transactions over the past year in Mercer Island. The median value for residential home transactions that occurred over the previous year is $2,392,535.74. The number of current listings in Mercer Island is 10, and the percentage of properties for sale in the city is 10.00%. Mercer Island, WA currently has 0 properties in foreclosure, 0 bank owned properties, 0 properties headed for auction, and 10 properties for sale.

Mercer Island, WA Real Estate Market Overview

ZipMedian Est. Value
98040

$ 2,256,500

$ 835/sqft

Housing Market Summary for Mercer Island, WA

Jul 2023June 2024Change
Median Listing Price$2.8M$2.3M-19.42%
Median Sold Price$2.2M$2.5M14.89%
Homes For Sale1010-
Homes Sold226187-17.26%
Price
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Homes For Sale
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Price Per Square Foot

On an average, Single Family homes cost $33 more per sqft than Condos. In comparison with sales price/sqft last week, list price/sqft of Single Family homes increased by 1.93% whereas, list price/sqft of Condos increased by 9.38%.

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Browse Homes in Mercer Island, WA

Mercer Island home values range from $29,566 to $55,348,701. The median estimated value of a home in Mercer Island is $2,392,535.74. The median list price of a home is 2,294,999.5, and the total count of properties in the city is 8,142.

Foreclosure
There is 1 zips within Mercer Island, WA; within this zips, the median estimated home value for homes in foreclosure ranges from $0 in $[foreclosures-lowest-avm-region] to the lowest value of $0 in $[foreclosures-lowest-avm-region]. Foreclosure homes account for NaN% of properties in Mercer Island, WA with $[foreclosures-highest-count-region] containing 0 foreclosures, the highest number of foreclosure properties in a single zip.
  • Pre-Foreclosure
    Pre-foreclosure homes account for 0% of all residential properties in Mercer Island, WA with $[pre-foreclosures-highest-count-region] containing 0 pre-foreclosures, the highest number of pre-foreclosure properties in a single zip. There is 1 zips within Mercer Island, WA; of that zips, the estimated home value for pre-foreclosure homes ranges from $0 in N/A to the lowest home value of $0 in $[pre-foreclosures-lowest-avm-region].
  • Bank Owned
    The median estimated home value of bank owned homes (REO properties) in Mercer Island, WA ranges from the highest value of $0 in N/A to the lowest value of $0 in N/A. Bank owned homes and properties account for 0% of properties in Mercer Island, WA. There is 1 zips within Mercer Island, WA; N/A containing 0 REO properties, has the highest number of bank owned properties in a single zip.
  • Auctions
    N/A has 0 auction properties, the highest number of properties going to auction in a single zip in the state of Mercer Island, WA. Auction homes and other auction properties account for 0% of all properties in Mercer Island, WA. There is 1 zips within Mercer Island, WA; of that zips, the median estimated home value for homes going to auction ranges from $0 in N/A to the lowest value of $0 in N/A.
Homes for Sale
Homes and properties that are actively listed for sale account for 0.12% of residential properties in Mercer Island, WA with 98040 containing 10 homes for sale, the highest number of listed properties in a single zip. There is 1 zips within Mercer Island, WA; homes for sale in that zips, have a range of median values from $14,642,100 in 98040 to the lowest value of $661,912 in 98040.
    Sold Homes
    The median value for recently sold homes ranges from $14,642,100 in 98040 to the lowest price of $319,200 in 98040. There is 1 zips within Mercer Island, WA. 98040 has 202 recently sold homes, the highest number of recently sold properties in a single zip. Recently sold homes and properties account for 2.48% of properties in Mercer Island, WA.

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      Guide for Mercer Island, WA

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      Tacoma’s real estate market shows a notable growth trend from late 2023 to mid-2024, with property values, sale prices and value per sqft all rising. The market is active and competitive, favoring sellers but posing a challenge for buyers. #RealEstateMarket #Tacoma

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      Market Reports|posted 3 June 2024

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      Seattle Real Estate Soars with 6.5% Value Hike in Early 2024 Despite Slump in Sales Volume
      Market Reports|posted 16 May 2024

      Seattle’s real estate market is seeing increased property values, but decreased sales volume. Surrounding cities like Mercer Island, Medina, Bellevue, Renton, and Kirkland might offer a diverse range of investment opportunities.

      Recently Listed Homes Mercer Island, WA

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