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Property-class scope

The story of this market

The typical home in ZIP 55731 sells for about $190,000, or $165 per square foot.

Prices are down 54.1% from a year ago, which gives buyers more room to negotiate. Homes take about 66.5 days to sell, which is slow. HUD's fair market rent for a two-bedroom is $644 a month.

ZIP market report · consumer edition · quarterly refresh

Track this ZIP

ZIP 55731 — Ely

St. Louis County →Lake County →Cook County →spans 3 countiesDuluth marketrefreshed Sep 23, 2026next refresh Oct 23, 2026

Market mood · cautious

The 55731 housing market is currently experiencing low activity with a very small number of closed sales and a significant year-over-year decline in median price. The market is characterized as not very competitive, with homes remaining on the market for over two months.

Who this ZIP fits

This area is primarily suited for those seeking a rural, low-density lifestyle in northeast Minnesota, characterized by a high proportion of single adults and seniors.

Parent geography

Ely · no city intel reportSt. Louis County →Minnesota state →

Aerial view · ZIP boundaries2020 Census ZCTA boundary over current aerial imagery

Leaflet Imagery © Esri, Maxar, Earthstar Geographics

Land area · 4,161.4 km²Water area · 705.5 km²U.S. Census Bureau TIGERweb — 2020 Census ZCTA5 boundary

Median sale price

$190,000

-54.1% year over year

Corroboration pending — anchor baseline forms on the first refresh cycles

Days on market

67 days

Sale-to-list ratio

96.2%

of asking price

ZIP Market ScoreZIP-SCORE-1.3 · 4/4 sections graded

Composite · average of graded sections

Computed only from this report's published readings — sections without data are excluded, never estimated.

Growth/100

Median prices moved down 54.1% year over year.

Liquidity/100

Homes spend a median of 67 days on market with 0.0 months of supply — a balanced-paced market.

Momentum/100

0% of listings have cut prices · homes sell at 96.2% of asking — demand is running ahead of supply.

Safety & stability/100

no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 2.2% · poverty 10.1% — a stable, low-distress profile.

Census trends · population flowsnot determinable

Population base

5,361

ZCTA 55731

Immigration & foreign-bornU.S. Census Bureau ACS · ZIP granular

Foreign-born share

1.8%

Foreign-born residents

Naturalized (of foreign-born)

39.4%

Non-citizens (of population)

1.1%

Entered 2010 or later (of foreign-born)

47.9%

World region of birth (foreign-born)

Americas

43.6%

Africa

30.9%

Europe

23.4%

Asia

2.1%

ACS 2024 5-year estimates. Aggregate published statistics for this ZIP — never individual records, and never an attribute of any individual property or resident.

Discovery profilenot determinable

Census profile · ZCTA 55731

Population

5,361

Median age

60.3 yrs

Median home value

$202,900

Median household income

$62,900

Median year built

1972

Unemployment

2.2%

Poverty rate

10.1%

Data sourced from ACS estimates via United States Zip Codes

Major amenities · ZIP 55731

Entertainment venues, stadiums & amphitheaters

2 · 20 mi

Grand Ely Lodge Resort & Event Center4.66.4 mi
Northern Grounds4.66.8 mi

Family fun & things to do

8 · 13 mi

Museums, galleries & history

2 · 20 mi

North American Bear Center4.86.6 mi
Dorothy Molter Museum4.77.7 mi

Parks, trails & nature

5 · 13 mi

Lakes, marinas & beaches

1 · 20 mi

Timber Bay Lodge & Houseboats4.718.3 mi

Theme parks, venues, golf, airports, museums, water and shopping across the area ranked by popularity within the radius shown.

Sources · 2 cited

Redfin 55731 Market Trends United States Zip Codes 55731

Key-figure check: no independent anchor retained yet — first-researched cycles establish the anchor baseline this pass.