I got this question this weekend it’s an odd question to ask because Mercer Island is not what you would call your “starter” location. Homes on Mercer Island start at about $1 million and the average price is somewhere between 2 million and $4 million depending on the listings for that month. However, there are some folks that are looking to buy their first home on Mercer Island and to those folks I would say, make your first home your first dream home.
Property such as lots and land for sale can start less than $600,000 for about a quarter of an acre to a half acre. There are no subdivisions or developments on Mercer Island so it’s really a one lot at a time situation. You can buy a lot for around $700,000, build your own home for about a half $1 million, and you will probably get a 20% or more instant equity the minute you get your occupancy ownership. Homes on Mercer Island appreciate much faster than a lot of other places around the Seattle or Puget Sound area but starter homes, meaning those that are under $300,000, let’s say, are just not found on the island.
That’s not to say that you’re not going to find a smaller home. Smaller homes of around 1500 ft.² can still run you well over $900,000 but they’re more likely to have larger lots, water frontage, trees, and lush landscaping. Most homes are at least 2000 ft.² but you might occasionally find a condominium for around $400,000 or a single-family home with two or three bedrooms for around $1 million. There are not a lot of condominiums on Mercer Island but there are a few, taking them a great starter home, especially if you’re looking to ease into homeownership.
Condominiums, like those on 81st Ave. close to the freeway, park and rides, and downtown shopping, start at about $320,000. These are likely one or two-bedroom condominiums with less than 1000 ft.². Many people are looking to get into these condominiums as starter homes for the location and the great school district. Mercer Island school district and the schools are within this district are rated as some of the highest in King County.
Apartments will run you anywhere from $350,000 to about $700,000 for smaller, starter condominiums and townhouses. However, like I said, there are not a lot of options when it comes to condominiums. Most properties on Mercer Island are single-family homes nestled in amongst a lot of trees, large lots, or of course, waterfront property.
Check out more about Mercer Island