Ely, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Ely Neighborhoods Since 2000




Ely, MN Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Ely Housing Market Information

With 3,408 people, 1,628 houses or apartments, and a median cost of homes of $96,595, house prices in Ely are solidly below the national average.

Single-family detached homes are the single most common housing type in Ely, accounting for 79.12% of the city's housing units. Other types of housing that are prevalent in Ely include large apartment complexes or high rise apartments ( 8.65%), duplexes, homes converted to apartments or other small apartment buildings ( 7.63%), and a few row houses and other attached homes ( 2.68%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Ely. Owner-occupied housing accounts for 65.07% of Ely's homes, and 50.71% have either three or four bedrooms, which is average sized relative to America.

The housing in Ely was primarily built before 1939 ( 42.06%), making the housing stock in Ely some of the oldest overall in America, although there is a range of ages of homes in Ely. The next most important housing age is between 1940-1969 ( 30.74%), followed by between 1970-1999 ( 20.93%). There's also some housing in Ely built between 2000 and later ( 6.27%).

Vacant housing appears to be an issue in Ely. Fully 17.69% of the housing stock is classified as vacant. Left unchecked, vacant Ely homes and apartments can be a drag on the real estate market, holding Ely real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Ely Home Appreciation Rates

Ely's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Ely during the period has been just -1.08%, which is lower than 70% of US communities.

Appreciation rates are so strong in Ely that despite a nationwide downturn in the housing market, Ely real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ely appreciation rates continue to be some of the highest in America, at 5.76%, which is higher than appreciation rates in 71.96% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ely. Ely appreciation rates in the latest quarter were at 1.03%, which equates to an annual appreciation rate of 4.17%.

Relative to Minnesota, our data show that Ely's latest annual appreciation rate is higher than 70% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$96,595

Ely, MN HOME PRICES

Value Range
> $1,027,000 0.9
$770,001 - $1,027,000 0.8
$514,001 - $770,000 0.8
$411,001 - $514,000 0.6
$308,001 - $411,000 4.5
$205,001 - $308,000 7.2
$103,001 - $205,000 31.2
$51,001 - $103,000 46.3
$0 - $51,000 7.8

Very Low for MN
Low for Nation

Value Relative to Nation Value Relative to State
79.7492089534747 92.1971252566735

Number Of Homes And Apartments:
1,628

Ely Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
26.63% 1.38% 2 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$712 / per month

Homeownership Rate

Homeownership
Owners 65.07
Renters 34.93
Vacant 17.69

Housing Market Details

 

Age of Homes

AGE OF Ely HOMES
2000 or Newer 6.3
1970 - 1999 20.9
1940 - 1969 30.7
1939 or Older 42.1

Types of Homes

TYPE OF Ely HOMES
Single-Family 79.1
Townhomes 2.7
Small Apt. Buildings 7.6
Apt. Complexes 8.6
Mobile Homes 1.9
Other 0.0

Home Size

SIZE OF Ely HOMES
No Bedroom 0.00
1 Bedroom 13.04
2 Bedrooms 30.89
3 Bedrooms 35.89
4 Bedrooms 14.81
5 or more bedrooms 5.36

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Zip Codes in Ely, MN