2018 Mercer Island Real Estate Year in Review

Looking northwest at Mercer Island and the I90 bridge with Seattle beyond.

Much like the greater Seattle area, Mercer Island saw a shift from an ultra-competitive seller’s market to a more balanced market as the number of homes for sale increased markedly following a strong spring market. Home values have softened since the peak market of 2018, but still ended the year with a significant increase over 2017 values.

The number of home sales were down in 2018 – 285, compared to 330 in 2017. Modern, turn-key homes and highly desirable settings were the most sought-after properties while others saw longer market times, and some even ended the year unsold.

Uniquely situated near both the Seattle and Eastside metro areas, Mercer Island has always tended to fare better than most in a transitioning market. Mercer Island’s median sale price was up 10.0% to $1,700,000, while its average sale price was up 10.5% to $2,059,996. The higher average sale price reflects the impact of luxury home prices at the upper end of the market. The average price per square foot increased 11.3% to $606.

Here’s a look at inventory and price trends for most Mercer Island neighborhoods below, which is also available along with additional trends in our 2018 Mercer Island Year in Review report.

Interested in the real estate trends for the greater region or trends by specific property type?  Find additional reports for Seattle, the Eastside, Condo, and Waterfront properties here.

In 2018, we were honored to help 25 families buy or sell a home. If you are in need of real estate services, we would love to help. Get in touch today. Check out all of our recent sales here, visit our Listings Portfolio here, and read our testimonials here.