Mercer Island Homes under $500,000

Mercer Island Homes under $500,000

Welcome to Mercer Island, Washington, a picturesque gem nestled in the heart of King County. Known for its stunning waterfront views and vibrant community, Mercer Island boasts a unique blend of suburban tranquility and urban convenience. Just a short drive or ferry ride from Seattle, this enchanting island offers residents easy access to the bustling metropolis while providing a serene escape surrounded by nature.

Mercer Island is celebrated for its top-rated schools, making it an ideal location for families seeking quality education and a nurturing environment for their children. The island is dotted with beautifully maintained parks, lush green spaces, and scenic walking trails, perfect for outdoor enthusiasts and those who enjoy an active lifestyle. With a variety of recreational activities, including boating, hiking, and picnicking, there’s no shortage of ways to soak in the natural beauty that surrounds you.

For those looking to invest in a home on Mercer Island, you’ll be delighted to discover that there are charming properties available for under $500,000. These homes offer an excellent opportunity to experience the island’s idyllic lifestyle without breaking the bank. Whether you’re a first-time homebuyer or seeking a cozy retreat, these affordable options provide the perfect blend of comfort and convenience.

Embrace the Mercer Island way of life, where community spirit thrives, and every day feels like a vacation. Discover your dream home today and take the first step towards making this enchanting island your own!

Newest Mercer Island Homes under $500,000

2760 76th Avenue SE Unit #402, Mercer Island
$399,000
1 Beds ⋅ 1 Baths ⋅ 2589481 MLS ⋅ ACTIVE Status
Affordable, turnkey Mercer Island condo in the sought-after Carlton, just a few blocks to Link Light Rail with easy access to Seattle and the Eastside. Right in the heart of the MI business district, this home boasts an 84 Walk Score. Met Market, Mio Posto, Hap's Burgers, Island Books, Mercerdale Park, LID Park, and the MI Farmer's Market are all just steps away. Fresh interiors throughout with new Pergo Outlast+ laminate wood flooring, fresh interior paint, updated lighting and blinds, newer appliances, and a newer water heater. Cook and entertain with slab granite counters and cherry cabinets, then unwind by the wood-burning fireplace with Cascade Mountain views and a spacious private balcony. One deeded parking space in secure garage on the same level as the unit plus dedicated storage. Building amenities include elevators (2), secure entry and fitness center. Easy living on lovely Mercer Island, with Seattle and the Eastside just a bridge away. Pet-friendly building and no rental cap.

2760 76th Avenue SE Unit #402, Mercer Island

Listing Broker: Windermere West Metro; Chad Dierickx; 206-854-3931; chad@chaddierickx.com

2939 76th Avenue SE Unit #41B, Mercer Island
$280,000
1 Baths ⋅ 2589387 MLS ⋅ ACTIVE Status
Smart, stylish, and surprisingly spacious for its size, this 455-square-foot studio puts Mercer Island living within reach. First-time buyers, downsizers, and investors will all find something to love here. Tucked into the leafy hillside of the Island Habitat Condominiums, this home is ready for you to unpack. Fresh updates to the kitchen, bathroom, and flooring mean there's nothing left to do but settle in. Your dedicated parking spot takes the hassle out of coming home, and the town center is just a short stroll away, with the Farmer's Market, restaurants, parks, and the brand-new Light Rail station all close at hand. Right outside your door, the community cabana offers a fitness area and space to gather, so your living space stretches well beyond your front door. Mercer Island blends small-town calm with quick I-90 access to both Seattle and Bellevue, making this an ideal base for commuters and weekend adventurers alike.

2939 76th Avenue SE Unit #41B, Mercer Island

Listing Broker: John L. Scott, Inc.; Kim Florence; 510-499-7714; Kimflorence@johnlscott.com

2500 81st Avenue SE Unit #351, Mercer Island
$395,000
1 Beds ⋅ 2 Baths ⋅ 2564041 MLS ⋅ ACTIVE Status
Light-filled and move-in ready, this inviting 2-bedroom, 1.5-bath Mercer Island condominium offers comfort, convenience, and an exceptional location. Fresh interior paint and new carpet create a clean, updated feeling throughout. The spacious living room is anchored by a cozy wood-burning fireplace and a dramatic wall of windows that floods the home with natural light while opening to an expansive sun terrace—perfect for morning coffee, outdoor dining, or simply enjoying the peaceful treed outlook. The functional kitchen offers new stainless-steel appliances, ample storage, and workspace. The thoughtful floor plan provides comfortable everyday living and an assigned parking space for added convenience. Ideally situated just moments from Mercer Island's vibrant town center, shops, restaurants, parks, and the Link Light Rail station, you'll enjoy a highly walkable lifestyle with easy access to both Seattle and Bellevue. A wonderful opportunity to enjoy the best of Mercer Island living!

2500 81st Avenue SE Unit #351, Mercer Island

Listing Broker: Coldwell Banker Bain; Franz T. Diessner; 425-765-4252; teamfranzandjoe@cbbain.com

2500 81st Avenue SE Unit #329, Mercer Island
$360,000
1 Beds ⋅ 1 Baths ⋅ 2548493 MLS ⋅ ACTIVE Status
Rare opportunity on Mercer Island — a East facing one-bedroom with a private deck all within steps of the light rail station, Park & Ride and Downtown. The open living/dining space features hardwood-look plank flooring, a wall of windows, and seamless flow to the oversized deck. kitchen and bath. Building amenities include elevator, gated entry, laundry, and extra storage. The HOA includes water, sewer, trash, earthquake insurance, and grounds — two cell tower leases with Verizon and T-Mobile provide the association durable non-assessment revenue. Board actively managing capital projects including building repipe (engineering underway with J2 Consulting), new gutters, LED lighting upgrades, and elevator work recently completed. Walk Score 80 | Transit Score 82. Mercer Island schools. Bonus: No Rental Cap

2500 81st Avenue SE Unit #329, Mercer Island

Listing Broker: RE/MAX Eastside Brokers, Inc.; Bev Watson; 425-453-7000; bevwatson@remax.net

2500 81st Avenue SE Unit #118, Mercer Island
$399,950
2 Beds ⋅ 1 Baths ⋅ 2480792 MLS ⋅ ACTIVE Status
PRICE IMPROVED + SELLER PAYS 6 MONTHS OF HOA DUES! Discover one of the best values in downtown Mercer Island. This beautifully remodeled residence is ideally located directly across from the new light rail station and just moments from Luther Burbank Park, downtown Mercer Island, the Community Center, waterfront parks, and regional walking and biking trails. Enjoy rare features including no rental cap, a conveniently located covered carport near the entrance, large storage unit (#14), and an approved, recorded in-unit washer/dryer. Building amenities include an elevator and club/conference room (currently being renovated). The fully renovated interior features a designer kitchen with farmhouse sink, updated bathroom, new lighting, fireplace, custom closet organizers, air conditioning, and a private in-unit washer/dryer. Bright, open living spaces extend to an expansive west-facing veranda—perfect for relaxing, entertaining, and enjoying beautiful sunset views. Located in Mercer Island's award-winning school district with quick access to both Seattle and Bellevue, this home offers exceptional convenience, flexibility, and investment potential. Price has been significantly improved, and the seller will pay 6 months of HOA dues—making this an exceptional opportunity for homeowners and investors alike.

2500 81st Avenue SE Unit #118, Mercer Island

Listing Broker: Realogics Sotheby's Int'l Rlty; Amy Thompson; 206-679-8862; amy.thompson@rsir.com

Start Your Search
Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
IDX information is provided exclusively for consumers’ personal noncommercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.