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Mercer Island Market Report

Mercer Island, a bedroom community of Seattle and the region, is generally regarded as part of the Eastside despite its “206” area code. Its population is estimated to have grown by 3.4 percent from 2010 through 2015. Mercer Island High School is ranked among the top ten public high schools in the state by U.S. News & World Report. As an island surrounded by Lake Washington, the community faces some constraints on further development solutions, and new development within the past five years has involved trading a few single-family homes for new multifamily housing. A current moratorium on new subdivisions and a more stringent design review process for buildings in the downtown core are suggestive of a city rethinking its future in light of significant demand and growth. For now, SFRs still comprise 72.2 percent of the housing stock. This composition is likely to change in the years ahead as a new Link light rail line is planned across Mercer Island’s North End, promoting multifamily alternatives close to the metro lines.

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Mercer Island has remained a strong seller’s market since March 2015 and for all but four months in the past two years. There was an average of two months in inventory in 2015, two-and-a-half in 2014, and three in 2013. Mercer Island has long been a special community in the Puget Sound region. This is reflected in a median sale price in 2015 that was 152.9 percent higher than the median price in King County at large. As in the small shore-bound communities west of Bellevue, homes here are distinctive, leading to wide variation in prices from month to month and transaction to transaction

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