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Ely, Nevada: Rising Home Values and Stable Ownership in a Mining City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ely, Nevada, a city rich in mining history and surrounded by scenic landscapes, has experienced notable shifts in homeownership and housing prices over the past decade. Located in White Pine County, Ely is known for its proximity to Great Basin National Park and its role as a gateway to outdoor recreation. The city has seen a general trend of increasing homeownership rates and rising average home prices, while average rent prices have fluctuated.
Homeownership in Ely has shown a slight upward trend since 2013. In 2013, the homeownership rate was 67%, which increased to 72% by 2015 and remained stable at 69% from 2020 to 2022. This rise in homeownership coincided with a steady increase in average home prices. In 2013, the average home price in Ely was $110,994, which grew to $200,067 by 2022, representing an impressive 80% increase over nine years.
The relationship between federal interest rates and homeownership rates in Ely appears to follow the general trend of lower interest rates encouraging homeownership. For instance, when federal interest rates were relatively low between 2013 and 2016 (ranging from 0.11% to 0.4%), homeownership rates in Ely increased from 67% to 72%. However, as interest rates began to rise more significantly from 2017 onwards, homeownership rates stabilized around 69-70%.
Renter percentages in Ely have shown a slight decline corresponding to the increase in homeownership. In 2013, 33% of Ely residents were renters, which decreased to 28% by 2015 and has remained relatively stable at 31% from 2020 to 2022. Average rent prices have shown some volatility during this period. In 2013, the average rent was $743, which decreased to $677 by 2016. However, rent prices then began to climb, reaching $863 in 2021 before dropping to $698 in 2022. This fluctuation in rent prices could be attributed to changes in local economic conditions and housing supply.
In 2023 and 2024, Ely's housing market continued to show growth, albeit at a slower pace. The average home price in 2023 was $201,301, increasing slightly to $202,318 in 2024. This represents a modest 0.5% increase from 2023 to 2024, indicating a potential cooling of the rapid price growth seen in previous years. Notably, federal interest rates have risen significantly during this period, reaching 5.02% in 2023 and 5.33% in 2024, which may have contributed to the slowing of home price appreciation.
Looking ahead, based on historical trends and current market conditions, we can anticipate the following 5-year trends for Ely: Average home prices are likely to continue increasing, but at a more moderate pace than seen in the early 2020s. We might expect prices to reach around $220,000-$230,000 by 2029. Average rent prices may stabilize or show modest growth, potentially reaching $750-$800 per month by 2029, assuming economic conditions remain stable. Homeownership rates are likely to remain relatively stable, possibly with a slight increase to around 70-72% if interest rates decrease or economic conditions improve.
In summary, Ely has experienced a notable increase in homeownership and average home prices over the past decade, with a slight decline in the renter population. The city's housing market has shown resilience and growth, even as it navigates changing economic conditions and interest rate fluctuations. The recent slowdown in price appreciation and the stabilization of homeownership rates suggest that Ely's housing market may be entering a period of more sustainable growth in the coming years.
