Business & Tech

Mercer Island Ranked Ninth Most-Expensive Real Estate Market in US

A Coldwell Banker study places Newport Beach Calif. as the most expensive in the U.S.; Mercer Island is the priciest in the state.

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In a new study released June 15, Coldwell Banker Real Estate LLC ranked Mercer Island as the ninth most expensive in the United States and the most expensive housing market in Washington state.

Coldwell Banker Real Estate's Home Listing Report, which was also featured on MarketWatch.com, compares listing prices from September 2010 to March 2011 for four-bedroom, two-bathroom homes in 2,320 North American markets. The real estate markets in the survey were ranked starting with the cheapest to the most expensive, based on average price.

The average four-bedroom, two-bathroom house in Mercer Island was listed at $1,143,521. That number put the city at 2,312 among all the U.S. markets in the survey, with 2,320 being the most expensive. On the flip-side of that calculation, Mercer Island is the 9th most expensive, just behind hedge fund-haven Greenwich, Conn. and ahead of Apple Computers headquarters Cupertino, California. 

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The survey also reviewed 58 real estate markets in Washington and Mercer Island ranked at the bottom at 58. Mercer Island has also seen the most expensive homes sold in the state for at least two years running, after the Proctor Landing Estate in the East Seattle neighborhood sold for $15.675 million in 2009 and the Lytle mansion on Roanoke Way sold for $12 million at auction in 2010.

The most expensive city in the survey was Newport Beach, Calif., with an average home listing price of approximately $2.5 million for property listings meeting the subject home criteria. The most affordable U.S. market in the report was Niagara Falls, N.Y., which has an average home listing price of approximately $61,000.

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Spokane was the most affordable market in the state, with an average four-bedroom, two-bathroom home listing price of approximately $189,551. The average four-bedroom, two-bathroom home in Washington overall was $364,771, compared to the national average of $293,251. 

Here is a complete list of the Washington markets featured in the 2011 Coldwell Banker Home Listing Report:  

Washington Market Name State Rank National Rank  Average Price SPOKANE 1 661 $189,551 SPANAWAY 2 796 $201,660 SPOKANE VALLEY 3 921 $212,674 PASCO 4 1,144 $238,331 WALLA WALLA 5 1,221 $247,238 CHENEY 6 1,236 $249,300 YAKIMA 7 1,241 $249,871 LONGVIEW 8 1,262 $252,405 EVERETT 9 1,308 $257,591 CLARKSTON 10 1,315 $257,909 KENNEWICK 11 1,319 $258,322 CENTRALIA 12 1,332 $259,480 VANCOUVER 13 1,356 $263,767 LAKEWOOD 14 1,358 $264,279 PORT ORCHARD 15 1,387 $268,100 PUYALLUP 16 1,432 $276,124 KENT 17 1,488 $286,658 MARYSVILLE 18 1,500 $288,656 BATTLE GROUND 19 1,504 $289,089 EAST WENATCHEE 20 1,512 $292,112 WEST RICHLAND 21 1,533 $298,294 OAK HARBOR 22 1,537 $299,113 TACOMA 23 1,541 $299,352 UNIVERSITY PLACE 24 1,545 $299,732 RICHLAND 25 1,587 $307,903 ARLINGTON 26 1,590 $309,272 LYNNWOOD 27 1,594 $310,571 LACEY 28 1,602 $313,097 WENATCHEE 29 1,606 $314,639 LAKE STEVENS 30 1,647 $325,604 FEDERAL WAY 31 1,657 $330,071 WASHOUGAL 32 1,671 $334,700 CHEHALIS 33 1,681 $337,085 ELLENSBURG 34 1,691 $340,692 OCEAN SHORES 35 1,707 $345,119 PORT ANGELES 36 1,733 $350,780 MAPLE VALLEY 37 1,734 $350,833 CAMAS 38 1,737 $351,164 MT VERNON 39 1,743 $352,164 OLYMPIA 40 1,761 $359,399 MONROE 41 1,782 $366,381 MILL CREEK 42 1,786 $367,268 FERNDALE 43 1,829 $382,355 BOTHELL 44 1,853 $388,382 MOSES LAKE 45 1,896 $404,626 BELLINGHAM 46 1,933 $419,515 SNOHOMISH 47 1,948 $425,893 GIG HARBOR 48 1,971 $438,691 RENTON 49 1,991 $449,955 EDMONDS 50 2,074 $501,300 ISSAQUAH 51 2,145 $552,224 KIRKLAND 52 2,163 $572,751 SEATTLE 53 2,187 $599,367 REDMOND 54 2,194 $605,084 WOODINVILLE 55 2,197 $610,530 SAMMAMISH 56 2,198 $617,313 BELLEVUE 57 2,238 $678,842 MERCER ISLAND 58 2,312 $1,143,521

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