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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 4,134, 1,572 total housing units (homes and apartments), and a median house value of $182,628, Ely real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Ely, accounting for 75.82% of the city's housing units. Other types of housing that are prevalent in Ely include duplexes, homes converted to apartments or other small apartment buildings ( 8.23%), mobile homes or trailers ( 8.04%), and a few large apartment complexes or high rise apartments ( 6.76%).
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 67.75% of Ely's homes, and 45.41% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Ely's housing was primarily built during this period, from the '40s through the '60s. A full 40.22% of the city's housing hails from this era. Other housing ages represented in Ely include homes built between 1970-1999 ( 37.74%) and housing constructed before 1939 ( 20.13%). There's also some housing in Ely built between 2000 and later ( 1.90%).
Vacant housing appears to be an issue in Ely. Fully 25.18% 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.
Appreciation rates for homes in Ely have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 1.81%, which ranks in the top 50% nationwide. This equates to an annual average Ely house appreciation rate of 0.18%.
NeighborhoodScout's data show that during the latest twelve months, Ely's appreciation rate, at 5.32%, has been at or slightly above the national average. In the latest quarter, Ely's appreciation rate has been 4.32%, which annualizes to a rate of 18.45%.
Importantly, this makes Ely one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Nevada, our data show that Ely's latest annual appreciation rate is lower than 90% of the other cities and towns in Nevada.
|$875,001 - $1,167,000||0.0|
|$584,001 - $875,000||1.5|
|$467,001 - $584,000||1.1|
|$350,001 - $467,000||4.9|
|$234,001 - $350,000||16.8|
|$117,001 - $234,000||44.8|
|$58,001 - $117,000||13.7|
|$0 - $58,000||15.8|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Ely HOMES|
|2000 or Newer||1.9|
|1970 - 1999||37.7|
|1940 - 1969||40.2|
|1939 or Older||20.1|
|TYPE OF Ely HOMES|
|Small Apt. Buildings||8.2|
|SIZE OF Ely HOMES|
|5 or more bedrooms||9.57|