Home Values

Mercer Island Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$995,800

  • 3.6% 1-year change
  • 4.1% 1-year forecast

Market Temperature

Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market—the market temperature provides information on the current balance of bargaining power between buyers and sellers in this city relative to other cities in the same metropolitan area. A particular city may be identified as a good market for buyers in a metro market favorable to sellers overall. Learn more

Neutral

Buyers' Market
Sellers' Market

The median home value in Mercer Island is $995,800. Mercer Island home values have gone up 3.6% over the past year and Zillow predicts they will rise 4.1% within the next year. The median list price per square foot in Mercer Island is $406, which is higher than the Seattle Metro average of $178. The median price of homes currently listed in Mercer Island is $1,200,000 while the median price of homes that sold is $975,775. The median rent price in Mercer Island is $2,294, which is higher than the Seattle Metro median of $1,595.

Foreclosures will be a factor impacting home values in the next several years. In Mercer Island 0.6 homes are foreclosed (per 10,000). This is lower than the Seattle Metro value of 5.8 and also lower than the national value of 4.2

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Mercer Island is 1.1%, which is lower than the national value of 6.4%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Mercer Island homeowners underwater on their mortgage is 3.1%, which is lower than Seattle Metro at 16.2%.

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Relative ZHVI
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Mercer Island Market Overview

Data through Nov 30, 2014
  • $995,800 ZHVI
  • 4.1% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Nov 30, 2015)
  • $1,200,000 Median listing price
  • $975,775 Median sale price
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Mercer Island Market Health

Data through Nov 30, 2014
  • 9.7/10 Very healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
  • No data Average days on Zillow
  • 3.1% Homes with negative equity (16.9% US Avg) (Sep 30, 2014)
  • 1.1% Delinquent on mortgage (6.4% US Avg) (Sep 30, 2014)

Homes foreclosed (per 10,000)

0.6 homes(Jul 31, 2014) Mercer Island
5.8 homes Seattle Metro
4.2 homes United States
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Nearby Cities

Name Median ZHVI
Medina $1,797,400
Clyde Hill $1,650,900
Bellevue $598,000
Name Median ZHVI
Newcastle $589,400
Seattle $468,900
Renton $324,400
Name Median ZHVI
Bryn Mawr-Skyway $279,300
Riverton-Boulevard Park $234,900
Tukwila $233,800

Listings & Sales

Data through Nov 30, 2014
  • $406 Median list price / sq ft
  • $357 Median sale price / sq ft
  • No data Listings with price cut
6.0%
Sold below listing
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Mercer Island Rentals

Data through Nov 30, 2014
  • Zillow Rent Index

  • $3,366 Mercer Island
    $1,827 Seattle Metro
    $1,342 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 1.6 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $2,294 Rent list price
  • $2.07 Rent list price / sq ft
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