Mercer Island appreciation rates and housing market information

Mercer Island housing market information

With 22,036 people, 8,806 houses or apartments, and a median cost of homes of $1,134,307, Mercer Island house prices are not only among the most expensive in Washington, Mercer Island real estate also is some of the most expensive in all of America.

single-family detached homes are the single most common housing type in Mercer Island, accounting for 77.55% of the city's housing units. Other types of housing that are prevalent in Mercer Island include large apartment complexes or high rise apartments (20.89%), and a few row houses and other attached homes (1.19%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Mercer Island. Owner-occupied housing accounts for 77.03% of Mercer Island's homes, and 59.82% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Mercer Island's housing was primarily built during this period, from the '40s through the '60s. A full 55.72% of the city's housing hails from this era. Other housing ages represented in Mercer Island include homes built between 1970-1994 (34.93%), and housing constructed from 1995 and later (4.78%). There's also some housing in Mercer Island built between 1939 and earlier (4.57%).

Mercer Island home appreciation rates

Appreciation rates for homes in Mercer Island have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 101.72%, which ranks in the top 20% nationwide. This equates to an annual average Mercer Island house appreciation rate of 10.17%.

Over the last year, Mercer Island appreciation rates have trailed the rest of the nation. In the last twelve months, Mercer Island's appreciation rate has been -5.93%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Mercer Island were at -1.60%, which equates to an annual appreciation rate of -6.40%.

Notably, Mercer Island's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Washington, our data show that Mercer Island's latest annual appreciation rate is higher than 22% of the other cities and towns in Washington.