Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 25,894, 10,123 total housing units (homes and apartments), and a median house value of $1,374,982, 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 68.33% of the city's housing units. Other types of housing that are prevalent in Mercer Island include large apartment complexes or high rise apartments ( 29.64%), row houses and other attached homes ( 1.08%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Mercer Island. Owner-occupied housing accounts for 70.16% of Mercer Island's homes, and 53.18% 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 40.89% of the city's housing hails from this era. Other housing ages represented in Mercer Island include homes built between 1970-1999 ( 37.73%) and housing constructed between 2000 and later ( 18.40%). There's also some housing in Mercer Island built before 1939 ( 2.98%).
In the last 10 years, Mercer Island has experienced some of the highest home appreciation rates of any community in the nation. Mercer Island real estate appreciated 78.79% over the last ten years, which is an average annual home appreciation rate of 5.98%, putting Mercer Island in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Mercer Island definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
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 1.34%, 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 2.50%, which equates to an annual appreciation rate of 10.37%.
Importantly, this makes Mercer Island one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Washington, our data show that Mercer Island's latest annual appreciation rate is lower than 90% of the other cities and towns in Washington.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Mercer Island differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mercer Island - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Mercer Island real estate investment or home purchase decisions.
|$900,001 - $1,201,000||23.9|
|$600,001 - $900,000||9.0|
|$480,001 - $600,000||1.5|
|$360,001 - $480,000||2.6|
|$240,001 - $360,000||2.3|
|$120,001 - $240,000||0.8|
|$60,001 - $120,000||0.2|
|$0 - $60,000||0.8|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
2000 Q1 - 2020 Q3
|* 10 is highest|
|AGE OF Mercer Island HOMES|
|2000 or Newer||18.4|
|1970 - 1999||37.7|
|1940 - 1969||40.9|
|1939 or Older||3.0|
|TYPE OF Mercer Island HOMES|
|Small Apt. Buildings||1.0|
|SIZE OF Mercer Island HOMES|
|5 or more bedrooms||14.62|