Market Overview
Home Prices in Ely, MN
The median home value in Ely, MN is $292,138 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 7.1% compared to a year ago and down 0.4% from two years prior.
Compared to the U.S. national median of $410,000, homes in Ely are priced29% below average. Ely is part of the Duluth, MN-WI metro area.
Over the past five years, Ely home values have risen by approximately35.6%, reflecting strong long-term appreciation in this market.
Price History
Ely Home Price Trend
2020
$182,415
$182K
—
2021
$215,519
$216K
+18.1%
2022
$253,662
$254K
+17.7%
2023
$261,131
$261K
+2.9%
2024
$273,942
$274K
+4.9%
2025
$272,864
$273K
-0.4%
2026
$292,138
$292K
+7.1%
City Comparison
Ely vs. National Median
🏠 Ely
$292,138
National Median
$410,000
At $292,138, homes in Ely cost 29% below the national median of $410,000. This makes Ely a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Ely?
20% Down Payment
$58,428
on $292,138
Monthly P&I
$1,524/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,935/mo
incl. taxes & insurance
Income Needed
$77,400
gross annual (30% rule)
10% Down Option
$29,214
+ PMI applies
Loan Amount (20% dn)
$233,710
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Ely, MN?
The median home value in Ely is $292,138 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 7.1% year-over-year.
How much have home prices changed in Ely?
Over the past year, home values in Ely have increased by 7.1%. Over five years, prices have risen approximately 35.6%.
How much do I need to earn to buy a home in Ely?
To comfortably afford the median home price of $292,138 with a 20% down payment ($58,428) at today's rates (6.8%), you'd need a gross annual income of approximately $77,400. This assumes keeping total housing costs at or below 30% of gross income.
How does Ely compare to the national average home price?
The national median home value is approximately $410,000. At $292,138, homes in Ely are 29% below the national average.
What metro area is Ely part of?
Ely is part of the Duluth, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.