Commercial Real Estate Market in Ely, MN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
26 active listings and 389 off-market properties in Ely, MN.
Market Trends
Ely, MN spans 1,606.7 square miles in St. Louis County, Minnesota. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Ely, MN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail space in Ely, MN asks $41/SF to buy. Vacancy runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Ely, MN runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily space in Ely, MN asks $114/SF to buy. Vacancy runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 46%
- Civic 15.9%
- Open space 14.9%
- Commercial 7.8%
- Industrial 4.2%
- Mixed use 1.5%
Largest Zones share of zoned land by district
Single And Two Family Residential
Parks Schools And Related
Open Space
Public Works And Related
Central Business District
Ely, MN zones 1,875 acres across 11 districts. Commercial zoning covers 7.8% of zoned land, residential 46%, open space 14.9% and industrial 4.2%. The largest single district is Single And Two Family Residential at 41%. For commercial buyers the practical constraint is that only 12% of land carries a commercial or industrial designation.
Single And Two Family Residential (R-1)
This district is intended to provide areas within the city for residential dwellings of single and two-family occupancy.
Market overview
Demographics & Economy
Ely, MN has 5,494 residents in 4,954 households. Density runs 3 people per square mile. Median household income here is $62,900 and median gross rent $641 a month.
5,494
Population
4,954
Households
1.1
Avg Household Size
54
Median Age
41%
College-Educated
94%
High-School Grad
1606.7 sq mi
ZIP Area
3
Density / Sq Mi
$62,900
Median Household Income
$31,840
Median Earnings
$641
Median Rent
$202,900
Median Home Value
Tools
Frequently Asked Questions
What is the average price per square foot for commercial property in Ely?
Commercial property in Ely, MN asks an average of $332 per square foot. The 4 most recent recorded sales traded at a median of $143/SF, so asking sits 133% above the achieved median. Multifamily carries the highest asking price at $114/SF.
What zoning applies to commercial property in Ely?
Ely, MN zones 1,875 acres across 11 districts, of which 7.8% is commercial and 4.2% industrial. The largest single district is Single And Two Family Residential at 41% of zoned land. This district is intended to provide areas within the city for residential dwellings of single and two-family occupancy. Residential zoning covers 46% and open space 14.9%.
Where does Realmo's Ely market data come from?
Realmo compiles Ely, MN figures from 5 recent recorded sales, 25 active sale listings, 1 active lease listings, 389 tracked off-market properties, the current Ely zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 25 active for-sale and 1 active for-lease listings in Ely, MN. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 1,875 zoned acres across 11 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level, industrial vacancy is reported at Midwest region level and asking prices run materially above recent closed pricing.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · report a data issue
