$4,453 Closing Credit*
$375,000
1,500 SqFt
2 Beds
•2 Baths
Connie Coughlin, Listing Office: Bear Island Realty LLC
Is Ely, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since Last Month
Last month, Ely was a Seller'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
$199,000
$145/sqft
Based on all homes sold in November 2024.
Difference Since Last Month
-$221,000(-52.6%)
Key Takeaway
Homes in Ely have sold for 52.6% less than they did a month ago.
Summary: The median home sold price in Ely was $199,000 in November 2024, down 52.6% from last month, and the median price per square foot was $145.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $135K | - | N/A |
| 2 Bedrooms | $279K | $100K | -64.2% |
| 3 Bedrooms | $677.3K | $295K | -56.4% |
| 4 Bedrooms | $900K | $65K | -92.8% |
| 5+ Bedrooms | - | - | N/A |
Summary: Ely housing prices by bedroom type for November 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 64.2%, 3 bedroom homes decreased by 56.4%, 4 bedroom homes decreased by 92.8%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Ely | $349.5K | $199K | -43.1% |
| Ely | $420K | $199K | -52.6% |
| Morse Township | $732K | $345K | -52.9% |
Housing Supply in Ely, MN
How many homes are available in Ely, MN?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 70 | 59 | -15.7% |
Summary: The Ely real estate market had 59 homes for sale in November 2024, a 15.7% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 7 | -12.5% |
| 2 Bedrooms | 22 | 16 | -27.3% |
| 3 Bedrooms | 27 | 24 | -11.1% |
| 4 Bedrooms | 10 | 9 | -10.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Ely housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12.5%, 2 bedroom homes decreased by 27.3%, 3 bedroom homes decreased by 11.1%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 20 | 8 | -60.0% |
Asking Price vs. Sold Price
7 Homes Were 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. 87.5% of homes here sold below asking price last month.
Summary: A total of 8 homes were sold or pending in Ely in November 2024, down by 60.0% month-over-month. Of the 8 sold homes, 88% were sold under asking, 13% 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
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 98 Days | 68 Days | -30.5% |
Summary: Homes in Ely had an average of 68 days on market in Nov 2024, down by 30.5% compared to last month.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Ely are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During November 2024, 8 homes were sold in Ely; 25% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
