Ely, MN—55731
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Ely, MN
As of Oct '25, the median home price in Ely, MN is $272,000, with a year-over-year change of 0.5%. This indicates that home prices in Ely, MN are flat. According to Zillow, the 1-year price projection is 2.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $272,000 | 0.5% |
| Single Family | $273,000 | 1.5% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $219,000 | 0.9% |
2 Bed | $309,000 | 1.6% |
3 Bed | $298,000 | 2.1% |
4 Bed | $312,000 | 2.3% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Ely, MN
As of July '25, Rentcast reports the average rent in Ely, MN is $1,020, with a year-over-year rent change of 14.5%. Per bedroom, the median rent as of July '25 in Ely, MN is 2-bedrooms: $1,020. The most common rental property sizes in Ely, MN are 1-bedroom and 2-bedroom, accounting for 46.7% and 30.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,020 | $1,020 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,020 | $1,020 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Ely, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Ely, MN is 89. This is a increase of 10.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 26.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $368,000 | 15.0% |
Listing Count | 78 | 26.0% |
| Listings as % of Homes | 0.9% | 26.0% |
Days on Market | 89 | 10.0% |
Demographics — Ely, MN
As of the latest ACS Survey released in 2023, Ely, MN has a population of 5,290, which has decreased by -10.5% over the past 5 years. Ely, MN is a less popular place for families, as children make up 8.4% of the population. The area has a moderately educated workforce, with 40.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 5,290 | -10.5% |
% Under 18 | 8.4% | -33.3% |
% Seniors | 35.9% | 23.4% |
% WFH | 9.7% | 36.6% |
% w/ College Degree | 40.9% | 17.9% |
As of the latest ACS Survey released in 2023, Ely, MN is a predominantly white area, with 93.8% of the population identifying as white. The white population has shrunk by 3.9% in the last 5 years. The second most common race or ethnicity in Ely, MN is black, making up 1.4% of the population. Foreign-born residents account for 2.4% of the population in Ely, MN, and this percentage has increased by 84.6% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 93.8% | -3.9% |
% Black | 1.4% | 133.3% |
% Hispanic | 1.4% | 250.0% |
% Asian | 0.1% | -80.0% |
% Foreign Born | 2.4% | 84.6% |
Mortgage and Risk — Ely, MN
According to HUD data as of 2023, there were 186 mortgage originations in Ely, MN, of which 93.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 11.0% above 90% LTV (elevated). This implies medium mortgage risk in Ely, MN. Investor activity is low, as 9.0% of loans were by investors. 18.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 186 |
% Conventional Loans | 93.0% |
% Government Loans | 7.0% |
% Investor Loans | 9.0% |
% Second Loans | 20.0% |
% Cash Out Refinance | 18.0% |
Loan Activity
Rentals and Section 8 — Ely, MN
Ely, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 193 |
Total Units Section 8 | 73 |
% Rentals under Section 8 | 10.8% |
% Occupied Section 8 | 90.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $790 |
| 2 Bedroom | $0 | $1,020 | $1,020 |
| 3 Bedroom | N/A | N/A | $1,360 |
| 4 Bedroom | N/A | N/A | $1,730 |
Affordability — Ely, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $272,000 |
| Median Household Income | $62,900 |