Mercer Island Homes under $500,000

Mercer Island Homes under $500,000

**Discover Mercer Island: Your Ideal Home Awaits!**

Nestled in the heart of Washington State, Mercer Island is a picturesque gem situated in King County, just a short drive from the bustling city of Seattle. Known for its stunning waterfront views, lush parks, and vibrant community, Mercer Island offers a unique blend of suburban tranquility and urban convenience. With a rich history and a strong sense of community, this island retreat is the perfect place to call home.

One of the most appealing aspects of Mercer Island is its diverse real estate market, particularly for those seeking homes under $500,000. While the island is renowned for its luxurious properties, there are still hidden treasures waiting to be discovered. From charming condos with modern amenities to quaint single-family homes, Mercer Island offers a variety of options that cater to first-time buyers, downsizers, or anyone looking to invest in a vibrant community.

Living on Mercer Island means enjoying access to top-rated schools, beautiful parks, and an array of recreational activities. Spend your weekends hiking through lush trails, picnicking at local parks, or enjoying water sports on Lake Washington. With a strong sense of community and a commitment to maintaining its natural beauty, Mercer Island is a place where families can thrive and create lasting memories.

If you’re looking for an affordable yet charming home in a vibrant community, Mercer Island is the perfect destination. Explore the available listings under $500,000 and find your dream home in this enchanting corner of Washington!

Newest Mercer Island Homes under $500,000

2500 81st Avenue SE Unit #112, Mercer Island
$450,000
2 Beds ⋅ 1 Baths ⋅ 2593702 MLS ⋅ FIRST LOOK Status
Prime location! Bright condo in a secure building with peaceful courtyard views. Kitchen shines with newer cabinetry, quartz counters and stainless steel appliances. Spa-inspired bath with new vanity, new shower enclosure and dual sinks. New double-pane windows throughout. Zero carpet - engineered wood floors in every room. East-facing deck with space for a grill and outdoor seating. Oversized storage unit in the basement plus one assigned parking space. Minutes to downtown Mercer Island's shops and dining, and just a short stroll to Luther Burbank Park and the community center. Quick commute to both Seattle and Bellevue. Portable A/C included. No rental cap!

2500 81st Avenue SE Unit #112, Mercer Island

Listing Broker: Keller Williams Eastside; Thuy A. Nguyen; 425-979-6080; Thuy@buildingdreams.team

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
2 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
$379,950
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

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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.
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