Ely, MN
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Ely, MN Real Estate Data


Ely Housing Market Information

With a population of 3,408, 1,661 total housing units (homes and apartments), and a median house value of $99,045, 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 74.72% of the city's housing units. Other types of housing that are prevalent in Ely include large apartment complexes or high rise apartments ( 10.29%), duplexes, homes converted to apartments or other small apartment buildings ( 10.08%), and a few mobile homes or trailers ( 2.51%).

The most prevalent building size and type in Ely are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 63.25% owning and 36.75% renting.

The housing in Ely was primarily built before 1939 ( 41.25%), 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 ( 31.37%), followed by between 1970-1999 ( 20.62%). There's also some housing in Ely built between 2000 and later ( 6.76%).

Vacant housing appears to be an issue in Ely. Fully 14.99% 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 -0.69%, which is lower than 70% of US communities.

Over the last year, Ely appreciation rates have trailed the rest of the nation. In the last twelve months, Ely's appreciation rate has been 4.00%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Ely were at 2.57%, which equates to an annual appreciation rate of 10.67%.

Relative to Minnesota, our data show that Ely's latest annual appreciation rate is lower than 80% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$99,045

Ely, MN HOME PRICES

Value Range
> $998,000 1.0
$749,001 - $998,000 0.8
$499,001 - $749,000 0.7
$400,001 - $499,000 1.8
$299,001 - $400,000 4.3
$199,001 - $299,000 7.7
$100,001 - $199,000 32.1
$50,001 - $100,000 42.7
$0 - $50,000 9.0

Very Low for MN
Low for Nation

Value Relative to Nation Value Relative to State
79.3669848334016 92.4024640657084

Number Of Homes And Apartments:
1,661

Rent & Ownership

 

Average Market Rent:
$652 / per month

Homeownership Rate

Homeownership
Owners 63.25
Renters 36.75
Vacant 14.99

Housing Market Details

 

Age of Homes

AGE OF Ely HOMES
2000 or Newer 6.8
1970 - 1999 20.6
1940 - 1969 31.4
1939 or Older 41.2

Types of Homes

TYPE OF Ely HOMES
Single-Family 74.7
Townhomes 2.4
Small Apt. Buildings 10.1
Apt. Complexes 10.3
Mobile Homes 2.5
Other 0.0

Home Size

SIZE OF Ely HOMES
No Bedroom 2.66
1 Bedroom 13.00
2 Bedrooms 29.38
3 Bedrooms 33.78
4 Bedrooms 15.05
5 or more bedrooms 6.14

Ely Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
28.21% 1.47% 3 3
* 10 is highest

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