Homes for sale under $200k in Ely, MN

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ABOUT THIS HOME
Homes for sale under $200k in Ely, MN
Rustic Charm Meets Opportunity on 10 (yes, ten!) City Lots Explore this rare find nestled between Miners Lake and Shagawa Lake—a vintage 2+ Bedroom, 1 Bath home brimming with character, ripe for renovation. The sprawling property spans 10 city lots, offering flexibility for gardens, RV storage, potential expansion—or just a generous buffer from neighbors. This home is located on a corner lot on a dead end street. The value-packed parcel includes: A brand-new, 30x40 insulated garage workshop – perfect for crafts, hobbies, business use or even a retreat space. A second 30x40 insulated 2 plus stall garage, complete with a wood stove and work space, storage and benches&mdash

$199,500

3 beds1 bath1,373 sq ft

1530 N 20th Ave E, Ely, MN 55731

Wood stove • Dead end street • Two-car garage

ABOUT THIS HOME
Homes for sale under $200k in Ely, MN
Check out this spacious 3+ bedroom, 2-bath home just minutes from downtown Ely. With a generously sized yard perfect for gardening, play, or relaxing evenings, and a two-stall garage offering ample storage, this property combines convenience with functionality. Inside, you'll find a simple layout with room to personalize. It features a huge Primary bedroom with large bathroom, and a 15x14 room currently housing large jacuzzi. While the home needs a little finishing, its solid bones and prime location make it a smart investment for those ready to add their own touch. Close to shops, trails, lakes, and everything Ely has to offer!

$189,000

4 beds2 baths1,450 sq ft

954 Camp St, Ely, MN 55731

Large bathroom • 15x14 room • Two-stall garage

ABOUT THIS HOME
Homes for sale under $200k in Ely, MN
Step into this beautifully renovated 2-bedroom, 2-bath home in the heart of Ely, offering the perfect blend of modern updates and original character. A covered front porch and a stunning, intricate front door set the tone for the charm inside. The main floor features 9’ ceilings, a brand-new kitchen with fresh tiled flooring, a new full bath, and refinished hardwood floors throughout. Upstairs, you’ll find two cozy bedrooms with thoughtfully updated closets, convenient built-ins, and a quaint updated half bath. Renovations also revealed the home’s original shiplap, now sealed and painted white to create a bright, timeless aesthetic. The bright walk-out basement, complete w

$189,000

2 beds1.5 baths1,041 sq ft

27 E Harvey St, Ely, MN 55731

Covered front porch • Fresh tiled flooring • Brand-new kitchen

3D WALKTHROUGH

ABOUT THIS HOME
Homes for sale under $200k in Ely, MN
The Blue Moose is an updated 2 Bedroom, 1 Bath home. Charming, well maintained, and located on Sheridan Street; Ely's main street. A Turnkey, licensed short term Airbnb rental, with growing and successful rental history. The home has generous front & back entries, wood accents, tin ceilings, laminate and wood flooring. New(er) items include: shingles on house and garage, painted garage, all appliances, furnishings, egress window on upper level, and mini split air conditioner. Outside features a 2 stall detached garage and picnic area with privacy panels. Furnishings and appliances included with sale. Rental history available. Compliant sewer. This is an excellent location to all of El

$179,000

2 beds1.5 baths1,012 sq ft

1229 E Sheridan St, Ely, MN 55731

Wood accents • Updated home • 5,663 sq ft lot

ABOUT THIS HOME
Homes for sale under $200k in Ely, MN
Step into timeless character with this 1927 home, full of original details and thoughtful updates. The inviting 3-season front porch welcomes you with wainscoting accents and stunning stained-glass windows—perfect for enjoying morning coffee or evening sunsets. Inside, you’ll find an updated kitchen featuring white cabinetry, subway tile backsplash, wainscoting details, recent appliances, and new gray tile-look LVP flooring. A newly renovated full bathroom echoes the same stylish flooring for a cohesive touch. The main floor also boasts a bedroom, while the upper level offers additional bedrooms plus a versatile bonus space. Original hardwood floors and rich woodwork flow throug

$179,000

3 beds1.5 baths1,346 sq ft

246 N 5th Ave Ave E, Ely, MN 55731

3 season front porch • Updated kitchen • 9,148 sq ft lot

Property at 1280 Heather St, Ely, MN 55731, 3 beds, 3 baths

$179,000

3 beds3 baths3,048 sq ft

1280 Heather St, Ely, MN 55731

Property at 840 E Chapman St, Ely, MN 55731, 2 beds, 3 baths

$160,000

2 beds3 baths648 sq ft

840 E Chapman St, Ely, MN 55731

Property at 324 4th Ave Ave E, Ely, MN 55731, 4 beds, 3 baths

$159,500

4 beds3 baths2,640 sq ft

324 4th Ave Ave E, Ely, MN 55731

Property at 1346 Bear Head State Park Rd, Ely, MN 55731, 1 bed

$150,000

1 bed— baths288 sq ft

1346 Bear Head State Park Rd, Ely, MN 55731

Property at 4002 Shiloh Trl, Orr, MN 55771

$145,000

— beds— baths740 sq ft

4002 Shiloh Trl, Orr, MN 55771

Property at 3810 Mud Creek Rd, Ely, MN 55731, 2 beds

$124,900

2 beds— baths840 sq ft

3810 Mud Creek Rd, Ely, MN 55731

Property at 738 E Camp St, Ely, MN 55731, 3 beds, 1 bath

$84,000

3 beds1 bath1,240 sq ft

738 E Camp St, Ely, MN 55731

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ABOUT THIS HOME
Homes for sale under $200k in Ely, MN
Your Summer Escape Awaits! Charming 2-bedroom seasonal cabin on beautiful Birch Lake in Babbitt, MN is ready to be your Northwoods getaway! Tucked on a leased lot, this retreat offers knotty pine charm, log accents, and the kind of peaceful setting you dream about all winter. You'll love the open-concept kitchen and living room—perfect for gathering with family or enjoying a quiet morning coffee while watching the water sparkle. A brand-new deck and 2 yr old roof add to the cabin's value and comfort, and most furnishings are included, so you can start enjoying it right away. There’s even a new 32' FLOE aluminum dock already in place, ready for your boat or afternoon lounging. Bi

$197,000

2 beds1 bath760 sq ft

8433 Timber Bay Rd, Babbitt, MN 55706

Knotty pine charm • Brand-new deck • Open-concept kitchen

ABOUT THIS HOME
Homes for sale under $200k in Ely, MN
This 3 bedroom, 2.5 bathroom one level home is located on a large corner lot just a short distance from local shopping and amenities, bike and hiking trails, ATV and snowmobile trails, public beach and boat launch on Lake Vermilion. The 3-stall detached garage is 28x36 with a 10-foot ceiling.

$189,000

3 beds3 baths1,568 sq ft

410 S 2nd St, Tower, MN 55790

Public beach • Boat launch • Corner lot

ABOUT THIS HOME
Homes for sale under $200k in Ely, MN
160 remote acres between Ely and Isabella. This property comes with a 2 room shack, generator shed, wood shed, carport and other storage sheds. Inside the shack is a Buffalo wood stove for heat, propane stove and fridge along with a small solar system for lights and power. There is public land on 3 sides providing additional privacy. This property is currently being accessed by foot or ATV but the easement to the property allows the trail to be upgraded to a road. There is a mix of high/low ground with mixed tree coverage and a small meadow near the shack. Use this remote property in many ways including a hunting camp or private playground to recreate without being bothered.

$179,000

1 bed— baths504 sq ft

1068 Kelly Trl, Isabella, MN 55607

Propane stove • Generator shed • Wood shed

ABOUT THIS HOME
Homes for sale under $200k in Ely, MN
Step inside this spacious 2BR/2BA ranch home with over 2,000 sq ft and discover a home that truly stands out. The heart of the main floor is the 18x20 open kitchen/dining area with a center island that doubles as a cook’s workspace and casual seating spot, surrounded by abundant cabinets and counter space. Convenient main floor laundry makes daily life a breeze. Enjoy the 17x9 sunroom with skylights and sliding doors that lead to a roomy deck—perfect for soaking in sunshine and backyard views. The lower level is just as impressive, featuring a 2nd kitchen, rec room, office, and bonus room used as a bedroom (non-egress) along with a handy 3/4 bath. Storage space is plentiful thro

$175,500

2 beds2 baths2,720 sq ft

51 Elm Blvd, Babbitt, MN 55706

Roomy deck • Main floor laundry • Center island

ABOUT THIS HOME
Homes for sale under $200k in Ely, MN
LEAST EXPENSIVE CABIN ON LAKE VERMILION, 4.5 Acres & 1090 Ft SANDY SHORE. One room Pike Bay retreat with front and back decks. Outhouse, woodshed, storage shed, dock. Located near mouth of river leading into Tower and marina--just a few minutes boat ride on calm water to marina, public landing or into town for dinner or shopping!

$174,500

— beds— baths288 sq ft

TBD Lake Vermilion, Tower, MN 55790

Dock • 1090 ft sandy shore • Front and back decks

ABOUT THIS HOME
Homes for sale under $200k in Ely, MN
LEAST EXPENSIVE CABIN ON LAKE VERMILION, 4.5 Acres & 1090 Ft SANDY SHORE. One room Pike Bay retreat with front and back decks. Outhouse, woodshed, storage shed, dock. Located near mouth of river leading into Tower and marina--just a few minutes boat ride on calm water to marina, public landing or into town for dinner or shopping!

$174,500

1 bed— baths288 sq ft

TBD Vermillion Dr, Virginia, MN 55792

Dock • 1090 ft sandy shore • Storage shed

Property at 507 Main St, Tower, MN 55790, 3 beds, 1 bath

$169,000

3 beds1 bath1,512 sq ft

507 Main St, Tower, MN 55790

Property at 30 Fir Cir, Babbitt, MN 55706, 2 beds, 2 baths

$159,900

2 beds2 baths1,824 sq ft

30 Fir Cir, Babbitt, MN 55706

Property at 31 Garden Cir, Babbitt, MN 55706, 2 beds, 2 baths

$149,600

2 beds2 baths1,382 sq ft

31 Garden Cir, Babbitt, MN 55706

Property at 35 Garden Cir, Babbitt, MN 55706, 2 beds, 2 baths

$149,000

2 beds2 baths1,459 sq ft

35 Garden Cir, Babbitt, MN 55706

Property at 10 Elm Blvd, Babbitt, MN 55706, 2 beds, 1 bath

$148,000

2 beds1 bath1,340 sq ft

10 Elm Blvd, Babbitt, MN 55706

Property at 21 Glen Cir, Babbitt, MN 55706, 3 beds, 1 bath

$138,000

3 beds1 bath1,776 sq ft

21 Glen Cir, Babbitt, MN 55706

Property at 70 Main St, Soudan, MN 55782, 4 beds, 2 baths

$135,000

4 beds2 baths1,480 sq ft

70 Main St, Soudan, MN 55782

Property at 9724 Highway 1, Isabella, MN 55607, 3 beds, 1 bath

$134,000

3 beds1 bath1,020 sq ft

9724 Highway 1, Isabella, MN 55607

Property at 13 Jasper St, Soudan, MN 55782, 4 beds, 3 baths

$130,000

4 beds3 baths1,754 sq ft

13 Jasper St, Soudan, MN 55782

Property at 38 Locust Dr, Babbitt, MN 55706, 4 beds, 2 baths

$124,500

4 beds2 baths1,915 sq ft

38 Locust Dr, Babbitt, MN 55706

Property at 25 4th Ave, Soudan, MN 55782, 2 beds, 1 bath

$124,000

2 beds1 bath850 sq ft

25 4th Ave, Soudan, MN 55782

Property at 8359 Hwy 135, Embarrass, MN 55732, 2 beds

$115,000

2 beds— baths1,008 sq ft

8359 Hwy 135, Embarrass, MN 55732

Property at 6301 Hunters Pass, Tower, MN 55790, 2 beds

$99,000

2 beds— baths936 sq ft

6301 Hunters Pass, Tower, MN 55790

Property at 406 N 2nd St, Tower, MN 55790, 2 beds, 2 baths

$95,000

2 beds2 baths1,139 sq ft

406 N 2nd St, Tower, MN 55790

Based on information submitted to the MLS GRID as of Sat Nov 29 2025. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

Homes for sale under $200k in Ely

There are currently 12 homes for sale under $200k in Ely. Some of these homes are "Hot Homes," meaning they're likely to sell quickly. Most homes for sale in Ely stay on the market for 70 days. This map is refreshed with the newest listings in Ely every 15 minutes.

In the past month, 6 homes have been sold in Ely. In addition to houses in Ely, there were also 0 condos, 2 townhouses, and 1 multi-family unit for sale in Ely last month. Find your dream home in Ely using the tools above. Use filters to narrow your search by price, square feet, beds, and baths to find homes that fit your criteria. Our top-rated real estate agents in Ely are local experts and are ready to answer your questions about properties, neighborhoods, schools, and the newest listings for sale in Ely. Our Ely real estate stats and trends will give you more information about home buying and selling trends in Ely. If you're looking to sell your home in the Ely area, our listing agents can help you get the best price. Redfin is redefining real estate and the home buying process in Ely with industry-leading technology, full-service agents, and lower fees that provide a better value for Redfin buyers and sellers.

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