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.
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
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
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
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.