Mercer Island held the middle ground in 2019 with prices softening slightly – not as much as in Seattle, but more than on the Eastside.
The median sale price on Mercer Island dipped 2% in 2019. In Seattle, prices were down 3.9%. Throughout the greater Eastside, prices were down 1%.
A total of 300 homes changed hands in 2019, according to the Northwest Multiple Listing Service. The highest Mercer Island sale was a $10,050,000 waterfront home on the North End. The lowest was a $685,000 West Mercer Way rambler in need of a major renovation or complete rebuild.
In 2019, 39.8% of all homes, and 12.7% of homes priced above $2 million, sold for at or above their listed price.
Well-priced homes in move-in ready condition, with good lighting and access, and with functional floor plans, command the most attention from market-savvy buyers hoping to make a good investment in the place they will call home.
Here’s a look at the data for the Mercer Island real estate market in 2019, with a closer look at the trends for condos, new-construction homes, and waterfront homes:
Overview of the Mercer Island Real Estate Market
All Single-Family Residential Homes (waterfront & non-waterfront)
- 300 single-family homes sold in 2019 (2018: 285)
- Average sale price: $1,989,194 (2018: $2,059,996)
- Median sale price: $1,665,500 (2018: $1,700,000)
- Lowest sale price: $685,000
- Highest sale price: $10,050,000
- Average price per square foot: $586
- Average days on market: 58
Waterfront – Single-Family Residential Homes
- 20 sold homes (2018: 20)
- Average sale price: $5,017,625 (2018: $5,412,035)
- Median sale price: $4,590,000 (2018: $4,850,000)
- Lowest sale price: $2,731,500 (2018: $2,450,000)
- Highest sale price: $10,050,000 (2018: $13,250,000)
- Average price per square foot: $954 (2018: $1,045)
- Average days on market: 105 (2018: 119)
- East Mercer / South Point sales: 7
- West Mercer sales: 8
- North Mercer sales: 5
New Construction – Single-Family Residential Homes
- 36 sold homes (2018: 35)
- Average sale price: $2,636,992 (2018: $2,819,539)
- Median sale price: $2,599,000 (2018: $2,755,000)
- Lowest sale price: $1,650,000 (2018: $1,825,000)
- Highest sale price: $4,350,000 (2018: $6,500,000 – waterfront)
- Average price per square foot: $650 (2018: $666)
- Average days on market: 108 (2018: 56)
Downtown Condominium Homes
- 43 sold homes (2018: 54)
- Average sale price: $599,251 (2018: $533,833)
- Median sale price: $540,000 (2018: $522,000)
- Lowest sale price: $282,000
- Highest sale price: $1,299,000
- Average price per square foot: $495
- Average days on market: 25
2019 Year in Review Market Reports
For an even closer look at last year’s numbers and trends – residential, condo, and waterfront – throughout the greater Seattle area, check out the full reports below:
