Mercer Island, WA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Mercer Island Neighborhoods Since 2000




Mercer Island, WA Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Mercer Island Housing Market Information

With 25,042 people, 9,583 houses or apartments, and a median cost of homes of $1,402,299, 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 68.43% of the city's housing units. Other types of housing that are prevalent in Mercer Island include large apartment complexes or high rise apartments ( 29.16%), duplexes, homes converted to apartments or other small apartment buildings ( 1.33%), and a few row houses and other attached homes ( 1.09%).

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 71.66% of Mercer Island's homes, and 54.64% 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 46.18% of the city's housing hails from this era. Other housing ages represented in Mercer Island include homes built between 1970-1999 ( 34.00%) and housing constructed between 2000 and later ( 17.20%). There's also some housing in Mercer Island built before 1939 ( 2.61%).

Mercer Island Home Appreciation Rates

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 41.47% over the last ten years, which is an average annual home appreciation rate of 3.53%, 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.

Appreciation rates are so strong in Mercer Island that despite a nationwide downturn in the housing market, Mercer Island real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Mercer Island appreciation rates continue to be some of the highest in America, at 16.58%, which is higher than appreciation rates in 99.89% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Mercer Island. Mercer Island appreciation rates in the latest quarter were at 5.61%, which equates to an annual appreciation rate of 24.42%.

Importantly, NeighborhoodScout’s exclusive research found that Mercer Island's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which 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 higher 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.

Average Home Values

 

Median Home Value:
$1,402,299

Mercer Island, WA HOME PRICES

Value Range
> $1,509,000 38.7
$1,131,001 - $1,509,000 27.3
$754,001 - $1,131,000 20.7
$603,001 - $754,000 4.1
$453,001 - $603,000 2.5
$302,001 - $453,000 3.9
$151,001 - $302,000 1.0
$75,001 - $151,000 0.5
$0 - $75,000 1.3

Very High for WA
Very High for Nation

Value Relative to Nation Value Relative to State
0.556238655658996 1.06382978723404

Number Of Homes And Apartments:
9,583

Mercer Island Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
WA*
Compared To
America*
Latest Quarter:
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
Since 2000:
2000 Q1 - 2017 Q2
137.67% 5.07% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,880 / per month

Homeownership Rate

Homeownership
Owners 71.66
Renters 28.34
Vacant 5.86

Housing Market Details

 

Age of Homes

AGE OF Mercer Island HOMES
2000 or Newer 17.2
1970 - 1999 34.0
1940 - 1969 46.2
1939 or Older 2.6

Types of Homes

TYPE OF Mercer Island HOMES
Single-Family 68.4
Townhomes 1.1
Small Apt. Buildings 1.3
Apt. Complexes 29.2
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Mercer Island HOMES
No Bedroom 2.16
1 Bedroom 9.78
2 Bedrooms 18.92
3 Bedrooms 22.38
4 Bedrooms 32.26
5 or more bedrooms 14.50