The housing in Ely, MI is doing well compared to the US as a whole. The median value of homes in the city is $229,400, which is significantly lower than the US House Median Value of $338,100. But despite this difference, the 1 year appreciation rate for houses in Ely, MI was 12.90%, which is higher than the US 1 year House Appreciation rate of 8.27%. This shows that housing values are increasing rapidly in Ely and that it may be a good investment for potential buyers.
The median home cost in Ely is $229,400. Home appreciation the last 10 years has been 71.4%. Home Appreciation in Ely is up 23.1%.
Average Age of Homes
- The median age of Ely real estate is 46 years old
The Rental Market in Ely
- Renters make up 5.3% of the Ely population
- 3.3% of houses and apartments in Ely, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.