98040 — Mercer Island, WA Home Values
Typical home value $2,327,753 as of June 2026 · 2nd of 154 in Seattle-Tacoma-Bellevue, WA
Blue: typical home value (Zillow ZHVI) in ZIP code 98040, June 2021 to June 2026. This page shows observed data only; no forecast.
How 98040 compares in the Seattle-Tacoma-Bellevue, WA area
ZIP code 98040 (Mercer Island, WA) has a typical home value of $2,327,753 as of June 2026, ranking 2nd of 154 ZIP codes tracked in the Seattle-Tacoma-Bellevue, WA area, more expensive than about 99% of ZIP codes in the metro. Prices here have moved -2.2% over the trailing 12 months. Over the past five years, the typical value in this ZIP code has changed +18.1%, from $1,971,705 in June 2021 to $2,327,753 in June 2026. Against observed rent, the typical home here sells for 73.1× the annual rent ($2,654/mo), a common way to gauge whether buying looks cheap relative to renting in this ZIP code.
Every figure above is observed Zillow data. Sialim's forecasting engine works at the metro level; see the Seattle-Tacoma-Bellevue, WA forecast for a modeled outlook, or browse the full ranked list of ZIP codes in Seattle.
Population and demographics
ZIP code 98040 has a population of 25,282, per the Census Bureau's American Community Survey 5-year estimate. By race and ethnicity: 65.3% White, 22% Asian, 7.6% two or more races, 3.2% Hispanic or Latino, 1.3% Black or African American, and 0.5% another race.
Nearby public schools
| School | Address | Distance |
|---|---|---|
| West Mercer Elementary | 4141 81st Ave SE, Mercer Island, WA | 0.5 mi |
| Northwood Elementary School | 4030 86th Ave SE, Mercer Island, WA | 0.8 mi |
| Mercer Island High School | 9100 SE 42nd, Mercer Island, WA | 0.8 mi |
Distance is straight-line from the ZIP code's center; driving distance will be longer. School attendance is set by district boundaries, not proximity. Confirm which school a specific address is zoned for with the local school district. Source: National Center for Education Statistics.
Frequently asked questions
What is the typical home value in ZIP code 98040?
$2,327,753 as of June 2026, the latest month Zillow has published observed data for.
Is 98040 an expensive ZIP code in the Seattle-Tacoma-Bellevue, WA area?
98040 ranks 2nd of 154 ZIP codes in the Seattle-Tacoma-Bellevue, WA area by typical home value, more expensive than about 99% of ZIP codes in the metro.
How much have home values in 98040 changed over the past year?
-2.2% over the trailing 12 months, from observed Zillow data.
Is it cheaper to buy or rent in ZIP code 98040?
The typical home price is 73.1× the observed annual rent in this ZIP code ($2,654/mo). Lower multiples favor buying over renting, all else equal.
What is the population of ZIP code 98040?
25,282, per the US Census Bureau's American Community Survey 5-year estimate.
What are the closest public schools to ZIP code 98040?
West Mercer Elementary (0.5 mi), Northwood Elementary School (0.8 mi), Mercer Island High School (0.8 mi), by straight-line distance from the ZIP code's center. School attendance is set by district boundaries, not proximity. Confirm assignment with the local school district.
Is this page showing a forecast for 98040?
No. Every number on this page is observed Zillow data as of June 2026, not a forecast. Sialim's forecasting engine runs at the metro level; see the Seattle-Tacoma-Bellevue, WA forecast for a modeled outlook.
ZIP-level values shown here are observed Zillow data, not forecasts. Sialim's forecasting engine works at the metro level today; ZIP-level forecasts are planned for Sialim Pro. Data © Zillow, via Zillow Research.