Mercer Island, Washington Housing Market Prices
Mercer Island Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 325% above the Washington median$2,062,203
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Median rent 42% above the Washington median$2,502
Housing Market Overview
| Metric | Mercer Island | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,062,203 | $485,016 | $248,835 |
| Price Trend (Annual %) | 7.3% | 10.9% | 7.5% |
| Median Gross Rent | $2,502 | $1,759 | $1,407 |
| Rent Trend (Annual %) | 4.7% | 6.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mercer Island is about 325% higher than in Washington. Rent is about 42% higher than the Washington average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Mercer Island, up about 7.3% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Mercer Island rose about 46.5% between 2015 and 2024, from $1,708 to $2,502. Over the same span, rent in Washington rose about 73.4%.
Affordability
On average, housing unit costs 10.1 yearly household incomes in Mercer Island.
Buying the median-priced home in Mercer Island costs roughly 68.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Mercer Island. The price-to-rent ratio in Washington is about 23.0.
| Metric | Mercer Island | Washington Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,062,203 | $485,016 | $248,835 |
| Median Household Income | $203,262 | $98,224 | $80,455 |
| Price-to-Income Ratio | 10.1 | 4.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Mercer Island rose about 47.2%, while median household income rose about 81.6% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Mercer Island | Washington Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.4% | 59.1% | 58.5% |
| Rental Rate | 31.5% | 33.6% | 31.2% |
| Vacancy Rate | 5.1% | 7.3% | 10.2% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Mercer Island has a homeownership rate of 63.4%, higher than the Washington average of 59.1%. Its housing vacancy rate is 5.1%, compared with 7.3% in Washington.
Housing Stock
| Metric | Mercer Island | Washington Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.47 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1975 | 1983 | 1978 |
| Median Number of Rooms | 7.0 | 5.5 | 5.5 |
The typical housing unit in Mercer Island was built around 1975. On average, 2.5 people live in a home with about 7.0 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mercer Island, Washington.
What is the median home price in Mercer Island, Washington?
The median home price in Mercer Island, Washington is $2,062,203, higher than the Washington average of $485,016.
What is the average home price in Mercer Island, Washington?
The typical home price in Mercer Island, Washington, reported as the median sale price, is $2,062,203. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Mercer Island, Washington?
The median gross rent in Mercer Island, Washington is $2,502 per month, higher than the Washington average of $1,759.
What was the median gross rent in Mercer Island in 2020?
In 2020, the median gross rent in Mercer Island, Washington was $2,166 per month.
What is the price-to-rent ratio in Mercer Island, Washington?
The price-to-rent ratio in Mercer Island, Washington is about 68.7, meaning it would take roughly 68.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Mercer Island.
Are home prices or rent rising faster in Mercer Island, Washington?
Both home prices and rent are rising in Mercer Island, up about 7.3% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mercer Island, Washington?
63.4% of households in Mercer Island, Washington own their home, higher than the Washington average of 59.1%.
What is the vacancy rate in Mercer Island, Washington?
The housing vacancy rate in Mercer Island, Washington is 5.1%, lower than the Washington average of 7.3%.
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