Is Ely, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Ely was a Buyer's Market.
Key Takeaway
Ely is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Ely, MN
How much do homes in Ely, MN cost?
Median Sold Price
$223,500
$167/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Ely have sold for 11.2% more than they did a year ago.
Summary: The median home sold price in Ely was $223,500 in April 2024, up 11.2% from last year, and the median price per square foot was $167.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $209K | $227.5K | +8.9% |
| 2 Bedrooms | $244K | $238.5K | -2.3% |
| 3 Bedrooms | $179.9K | $215K | +19.5% |
| 4 Bedrooms | $257K | $222K | -13.6% |
| 5+ Bedrooms | $160K | - | N/A |
Summary: Ely housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.9%, 2 bedroom homes decreased by 2.3%, 3 bedroom homes increased by 19.5%, 4 bedroom homes decreased by 13.6%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Ely | $165K | $225K | +36.4% |
| Ely | $201K | $223.5K | +11.2% |
Housing Supply in Ely, MN
How many homes are available in Ely, MN?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 48 | 64 | +33.3% |
Summary: The Ely real estate market had 64 homes for sale in April 2024, a 33.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 7 | +40.0% |
| 2 Bedrooms | 8 | 16 | +100.0% |
| 3 Bedrooms | 30 | 34 | +13.3% |
| 4 Bedrooms | 5 | 7 | +40.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Ely housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 40%, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 13.3%, 4 bedroom homes increased by 40%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 2 | 11 | +450.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ely, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Ely in April 2024, up by 450.0% month-over-month. Of the 11 sold homes, 55% were sold under asking, 0% were sold at asking, and 45% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 167 Days | 51 Days | -69.0% |
Summary: Homes in Ely had an average of 51 days on market in Apr 2024, down by 69% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Ely are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 11 homes were sold in Ely; 64% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
