Northern Minnesota real estate market updates for Lake Vermilion and the surrounding areas including Hibbing to Ely and the Iron Range to the Canadian Border.
: You have to until Spring/Summer to sell.
TRUTH: Right now 
23% of properties currently listed for sale are under conract. Winter buyers are often serious motivated and ready to buy!!!!The housing market in our local area held steady for 2025. Based on 2024 vs. 2025, average selling price of lake shore homes declined a modest 2.7% while average selling price of non-lakeshore home increased by 4.1%. We did not see robust increases in values in 2025 but overall, compared to a lot other parts of the United States, our local market faired well. Nationally, home prices increased by 2.2% with some areas seing 6-7% increase and some areas -10% declines in average homes prices.
2025 was a year of transition, moving from low sales activity to increased opportunity as inventory rose and rates eased, setting the stage for potential market shifts into 2026.
Data provided by the Range Association of Realtors
Information is based off of the ROAR MLS data and includes properties sold/listed by all other real estate brokers too.
