98040 Homes under $500,000

98040 Homes under $500,000

Welcome to Mercer Island, Washington, a picturesque gem nestled in the heart of King County. Zip code 98040 is known for its stunning views, vibrant community, and proximity to the bustling city of Seattle, all while offering a serene suburban lifestyle. With its lush parks, excellent schools, and a strong sense of community, Mercer Island is a sought-after destination for families, professionals, and anyone looking to enjoy the beauty of the Pacific Northwest.

For those seeking affordable housing options in this desirable area, you'll be pleased to know that there are homes available for under $500,000. While Mercer Island is renowned for its upscale properties, savvy homebuyers can find charming residences that offer great value without compromising on quality. These homes often feature spacious layouts, modern amenities, and easy access to local parks, waterfronts, and community resources.

Imagine living in a cozy bungalow or a well-maintained townhouse, where you can enjoy the tranquility of suburban life while still being just a short drive away from the vibrant culture and entertainment of Seattle. The community spirit here is palpable, with numerous events and activities that bring residents together throughout the year.

Whether you're a first-time homebuyer or looking to downsize, the homes in Mercer Island under $500,000 present a unique opportunity to become part of this beautiful community. Embrace the chance to create lasting memories in a place that truly feels like home. Explore your options today and discover the charm of Mercer Island living!

Newest 98040 Homes under $500,000

2500 81st Avenue SE Unit #112, Mercer Island
$450,000
2 Beds ⋅ 1 Baths ⋅ 2593702 MLS ⋅ ACTIVE 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 #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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