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:
Mercer Island 2019 Real Estate Year in Review
Greater Eastside 2019 Real Estate Year in Review
Seattle Metro 2019 Real Estate Year in Review
Waterfront 2019 Real Estate Year in Review
Greater Seattle – Eastside 2019 Condo Real Estate Year in Review