55731, MN Housing Market
The 55731 housing market is not very competitive. The median sale price of a home in 55731 was $275K over the last 3 months, down 22.6% since the same period last year. The median sale price per square foot in 55731 is $314, down 7.1% since last year.
55731 Housing Market Trends
Over the three months ending August 2026, 55731 home prices were down 22.6% compared to the same period last year, selling for a median price of $275K. On average, homes in 55731 sell after 62 days on the market compared to 48 days last year. There were 28 homes sold in August this year, down from 34 last year.

How much is your home worth? Track your home’s value and compare it to nearby sales.
How hot is the 55731 housing market?
The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
Calculated over the last 3 months
- Multiple offers are rare.
- The average homes sell for about 8% below list price and go pending in around 64 days.
- Hot homescan sell for about 2% below list price and go pending in around 37 days.
The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive.
Calculated over the last 3 months
- Many homes get multiple offers, some with waived contingencies.
- The average homes sell for about 3% below list price and go pending in around 43 days.
- Hot homescan sell for around list price and go pending in around 20 days.
View houses in 55731 that sold recently
Recently sold homes
- $377,000 Last Sold Price2 beds1 bath728 sq ft1583 Jewel Ridge Rd, Ely, MN 55731List Price$370,000Sale to List2% over listDays on Market57 days1583 Jewel Ridge Rd, Ely, MN 55731
- $184,549 Last Sold Price—beds—baths—sq ftXXX9 Powerhouse Trl Lot 9, Ely, MN 55731List Price$184,549Sale to List0% over listDays on Market309 daysXXX9 Powerhouse Trl Lot 9, Ely, MN 55731
- $340,000 Last Sold Price2 beds—baths576 sq ft13321 Lodge Rd, Ely, MN 55731List Price$395,000Sale to List14% under listDays on Market97 days13321 Lodge Rd, Ely, MN 55731
- $20,000 Last Sold Price—beds—baths—sq ft527 E Camp St, Ely, MN 55731List Price$26,000Sale to List23% under listDays on Market38 days527 E Camp St, Ely, MN 55731
- $418,000 Last Sold Price2 beds2 baths—sq ft2734 Bear Island River Rd, Ely, MN 55731List Price$475,000Sale to List12% under listDays on Market184 days2734 Bear Island River Rd, Ely, MN 55731
- $850,000 Last Sold Price3 beds1 bath1,560 sq ft3003 Burntside Ridge Rd, Ely, MN 55731List Price$879,000Sale to List3% under listDays on Market154 days3003 Burntside Ridge Rd, Ely, MN 55731
- $770,000 Last Sold Price4 beds3 baths4,872 sq ft2445 Reed Rd, Ely, MN 55731List Price$995,000Sale to List23% under listDays on Market143 days2445 Reed Rd, Ely, MN 55731
- $165,112 Last Sold Price—beds—baths—sq ftXXX10 Powerhouse Trl Lot 10, Ely, MN 55731List Price$165,112Sale to List0% over listDays on Market299 daysXXX10 Powerhouse Trl Lot 10, Ely, MN 55731
See all recently sold homes in 55731.
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Schools in 55731
- Elementary
- Middle
- High
GreatSchools Rating
6/10 Washington Elementary School Public • PreK-5 | 201 Students | 8 reviews |
5/10 Tower-Soudan Elementary School Public • PreK-6 | 95 Students | N/A |
Climate's impact on 55731 housing
Learn about natural hazards and environmental risks, such as floods, fires, wind, and heat that could impact homes in 55731.
Flood Factor - Minor
Flood Factor

Fire Factor - Moderate
Fire Factor

Wind Factor - Minimal
Wind Factor

Heat Factor - Minimal
Heat Factor

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