$1,122 Closing Credit*
$94,500
1,260 SqFt
3 Beds
•2 Baths
Jerry Fink, Listing Office: Canoe Capital 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 October 2023
Since last year, Ely has remained a Seller'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
$266,000
$222/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$71,000(-21.1%)
Key Takeaway
Homes in Ely have sold for 21.1% less than they did a year ago.
Summary: The median home sold price in Ely was $266,000 in October 2024, down 21.1% from last year, and the median price per square foot was $222.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $295K | $298.5K | +1.2% |
| 2 Bedrooms | $442K | $320K | -27.6% |
| 3 Bedrooms | $590K | $235K | -60.2% |
| 4 Bedrooms | $193.5K | $605K | +212.7% |
| 5+ Bedrooms | $160K | - | N/A |
Summary: Ely housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.2%, 2 bedroom homes decreased by 27.6%, 3 bedroom homes decreased by 60.2%, 4 bedroom homes increased by 212.7%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Ely | $343K | $273K | -20.4% |
| Ely | $337K | $266K | -21.1% |
Housing Supply in Ely, MN
How many homes are available in Ely, MN?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 75 | 72 | -4.0% |
Summary: The Ely real estate market had 72 homes for sale in October 2024, a 4.0% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 10 | 8 | -20.0% |
| 2 Bedrooms | 23 | 23 | 0.0% |
| 3 Bedrooms | 30 | 28 | -6.7% |
| 4 Bedrooms | 9 | 10 | +11.1% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Ely housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 20%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 6.7%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 9 | 22 | +144.4% |
Asking Price vs. Sold Price
16 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ely, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Ely in October 2024, up by 144.4% month-over-month. Of the 20 sold homes, 80% were sold under asking, 5% were sold at asking, and 15% 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 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 116 Days | 93 Days | -19.7% |
Summary: Homes in Ely had an average of 93 days on market in Oct 2024, down by 19.7% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
7 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 October 2024, 22 homes were sold in Ely; 36% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 32% of homes were sold over 90 days.
