Ely Home Prices & Values

$129,100 Zillow Home Value Index What's This?  
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The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

  • 0.9% 1-year change
  • 2.7% 1-year forecast

The median home value in Ely is $129,100. Ely home values have gone up 0.9% over the past year and Zillow predicts they will rise 2.7% within the next year. The median list price per square foot in Ely is $151, which is higher than the Duluth Metro average of $147. The median price of homes currently listed in Ely is $195,000 while the median price of homes that sold is $128,000.

Foreclosures will be a factor impacting home values in the next several years. In Ely 3.7 homes are foreclosed (per 10,000). This is lower than the national value of 4.3

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Ely is 1.9%, which is lower than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Ely homeowners underwater on their mortgage is 15.8%.

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Relative ZHVI
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Ely Market Overview

Data through Aug 31, 2014
  • $129,100 ZHVI
  • 2.7% 1-yr forecast What's This?  
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    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more

    (Aug 31, 2015)
  • $195,000 Median listing price
  • $128,000 Median sale price (Jul 31, 2014)
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Ely Market Health

Data through Aug 31, 2014
  • 4.2/10 Less healthy What's This?  
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    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.

  • No data Average days on Zillow
  • 15.8% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 1.9% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)

Homes foreclosed (per 10,000)

3.7 homes Ely
4.3 homes United States
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Nearby Cities

Name Median ZHVI Name Median ZHVI Name Median ZHVI
Tower $132,500 Embarrass $84,700 Makinen $83,200
Eveleth $73,500 Aurora $72,000 Virginia $70,400
Babbitt $65,800 Gilbert $61,700  

Listings & Sales

Data through Aug 31, 2014
  • $151 Median list price / sq ft
  • No recent data Median sale price / sq ft
  • 31.2% Listings with price cut
20.0%
Sold below listing
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Ely Rentals

Data through Aug 31, 2014
Zillow Rent Index What's This?
Close The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more
$1,235 Ely
$1,141 Duluth Metro
$1,328 United States
  • 1.8 Breakeven horizon What's This?  
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    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more

    (Jun 30, 2014)
  • No data Rent list price
  • No data Rent list price / sq ft
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