Is Ely, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Ely has remained a Buyer's Market.
Key Takeaway
Ely is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Ely, MN
How much do homes in Ely, MN cost?
Median Sold Price
$250,000
$174/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Ely have sold for 56.3% more than they did a year ago.
Summary: The median home sold price in Ely was $250,000 in March 2024, up 56.3% from last year, and the median price per square foot was $174.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $85K | $160K | +88.2% |
| 2 Bedrooms | $134.9K | $252K | +86.7% |
| 3 Bedrooms | $172K | $293.5K | +70.6% |
| 4 Bedrooms | $165K | $222K | +34.5% |
| 5+ Bedrooms | $160K | - | N/A |
Summary: Ely housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 88.2%, 2 bedroom homes increased by 86.7%, 3 bedroom homes increased by 70.6%, 4 bedroom homes increased by 34.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Ely | $160K | $250K | +56.3% |
| Ely | $179.9K | $236K | +31.2% |
Housing Supply in Ely, MN
How many homes are available in Ely, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 43 | 46 | +7.0% |
Summary: The Ely real estate market had 46 homes for sale in March 2024, a 7.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 5 | +66.7% |
| 2 Bedrooms | 8 | 8 | 0.0% |
| 3 Bedrooms | 27 | 28 | +3.7% |
| 4 Bedrooms | 5 | 5 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Ely housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes remained the same, 3 bedroom homes increased by 3.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 8 | 2 | -75.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ely, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Ely in March 2024, down by 75.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% were sold over asking.
Days on Market for Ely, MN
How long does it take to sell a home in Ely, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 107 Days | 293 Days | +174.3% |
Summary: Homes in Ely had an average of 293 days on market in Mar 2024, up by 174.3% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Ely are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 2 homes were sold in Ely; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
