Is Ely, MN 55731 a buyer’s or seller’s market?
Ely is a buyer’s market. With about 8.5 months of supply, buyers usually have more time and more room to negotiate on price and terms.
Competition score8/ 100
More competitive than 3% of U.S. ZIP codes, and #295 of 296 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
Months of supply8.5Under 4 months = seller’s market
Sold above original list3.7%Share of sales, last 3 months
Median sale-to-list94.2%Sold price ÷ list price
Median days on market62Listing to accepted offer
Median price per sq ft$274▲ +3.3% vs. last year
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Nearby markets
Beaver Bay 55601 — /sq ftFinland 55603Buyer’s market $333 /sq ftIsabella 55607Buyer’s market $172 /sq ftKnife River 55609 — /sq ft Browse all markets →Local agents
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology