Is Ely, MN 55731 a buyer’s or seller’s market?

The Ely housing market right now

In the three months ending August 31, 2026, 4% of homes in Ely, MN 55731 sold above their list price, the typical home went under contract in 62 days and there were 8.5 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. That’s based on 28 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 24%, homes sold more slowly (48 days then) and the median sale price fell 23% to $274,881. Overall, Ely is less competitive than a year ago, which gives buyers more room.

Within Lake County, homes here sell faster than in 50% of the county’s ZIP codes, and sell less often over asking than in 75%. On our competition score, Ely ranks #295 of 296 MN ZIP codes with enough sales (score 8 out of 100).

Nearby, buyers who want less competition could look at Finland 55603 (0% sold over asking), while Isabella 55607 (50% sold over asking) and Two Harbors 55616 (17% sold over asking) are even more competitive.