2050 Shipman Island, Ely, MN 55731
Property image
Property image
SOLD
AUG 12, 2026

2050 Shipman Island
Ely, MN 55731

  • 2 Beds
  • 560 sqft (on 1.75 acres)

$290,000

Last Sold: Aug 12, 2026
12% below list $329K
$518/sqft
Est. Refi. Payment $1,816/mo*
Refinance Your Home

$290,000

Last Sold: Aug 12, 2026
12% below list $329K
$518/sqft
Est. Refi. Payment $1,816/mo*
Refinance Your Home
2 Beds
560 sqft
(on 1.75 acres)

Home Value

Trulia Estimate
$290K
Since last month
Decreased$25K (-7.8%)
Since last year
Increased$50K (+21%)
Since last sale
$100 (0%)
Learn more about this home's value by checking out its Trulia Estimate, the value of nearby homes, and how much similar homes have sold for.

Trulia Estimate

The of this home's value decreased by -42% in the last 10 years
MonthEstimated value
2026
August 2026$290K
July 2026$315K
June 2026$317K
May 2026$336K
April 2026$338K
March 2026$343K
February 2026$250K
January 2026$239K
2025
2024
2022
2021

Comparable sales

These are recently sold homes that have a similar location or other similar features to this home, like bedrooms, bathrooms, and square footage. Get a sense of the expected prices in the area by viewing these homes.
Address
Distance
Property Type
Sold Price
Sold Date
Bed
Bath
Sqft
1984 Grant McMahan Blvd #1984, Ely, MN
0.58
Single-Family Home
$614,000
08/29/25
3
1
912
1984 Grant McMahan Blvd, Ely, MN
0.59
Single-Family Home
$614,000
08/29/25
3
1
912
1995 Pine Tree Tr, Ely, MN
1.16
Single-Family Home
$489,400
10/03/25
2
1
911
2450 Newgord Dr, Ely, MN
1.31
Single-Family Home
$240,000
10/03/25
1
-
551
1852 Grant McMahan Blvd, Ely, MN
0.81
Single-Family Home
$880,000
05/06/26
3
2
2,460
85 W Chandler St., Ely, MN
1.45
Single-Family Home
$161,000
11/04/25
3
1
1,275
232 W Sheridan St, Ely, MN
1.67
Single-Family Home
$194,000
10/06/25
3
1
963
105 N Klondike Dr, Ely, MN
1.62
Single-Family Home
$875,000
11/21/25
3
2.5
2,187
42 W Shagawa Rd, Ely, MN
1.62
Single-Family Home
$110,000
09/23/25
1
1
852

Nearby home prices

Get a sense of expected prices in the area by checking the value of nearby homes.
Address
Distance
Price
Bed
Bath
Sqft
Status
1984 Grant McMahan Blvd #1984, Ely, MN 55731
0.58
$626,500
3
1
912
Off Market
1984 Grant McMahan Blvd, Ely, MN 55731
0.59
$629,500
3
1
912
Off Market
2024 Grant McMahan Blvd, Ely, MN 55731
0.60
$468,400
2
1.5
1,556
Off Market
2024B GRANT MCMAHAN BLVD., Ely, MN 55731
0.60
$514,600
3
2
400
Off Market
2024A Grant McMahan Blvd, Ely, MN 55731
0.60
$613,400
4
1
704
Off Market
XXX Grant McMahan Blvd, Ely, MN 55731
0.76
-
-
-
-
Off Market
TBD Shagawa Lake, Ely, MN 55731
0.79
-
-
-
-
Off Market
1852 Grant McMahan Blvd, Ely, MN 55731
0.81
$880,000
3
2
2,460
Recently Sold
1876 Grant McMahan Blvd, Ely, MN 55731
0.89
$804,200
3
2
2,360
Off Market
xxx Grant McMahan Blvd, Ely, MN 55731
0.92
-
-
-
-
Off Market
xxx Pine Tree Tr, Ely, MN 55731
0.97
-
-
-
-
Off Market

Local Information

  • Map ViewExplore the area around 2050 Shipman Island.
  • Schools1 Preschool School1 Elementary School1 Middle School1 High School
  • Shop & Eat
-- mins to
Commute Destination

Home Highlights

Property Type
Single-Family Home
Year Built
2012
Lot Size
1.75 acres
Living Area
560 sqft
Price/Sqft
$518/sqft

About this House

Ely's own Shagawa Lake Shipman Island Cabin, all to yourself! You will find it tucked under some towering pines and rugged rock outcroppings, mesmerizing lake views and nearly 900 ft of shoreline. The picturesque coastline is pure Superior National Forest—no neighbors, just loons, eagles, and the occasional moose who thinks he owns the place. Built in 2012, this cozy 560 sq ft 2BR knotty-pine cabin delivers classic Up North charm. Open layout, lakeside deck connects to the kitchen cabin, and a dock with walk-in swimming area that’s basically your own private beach. In the 1800s this island was the summer escape of one of Ely’s original doctors—proof that even back then, the smart ones knew the best way to make house calls was by boat. (The iron ring is still bolted to the west end which was used to corral logs. Now it just corrals compliments.) Shagawa Lake (2,344 acres, max depth 48 ft) is a DNR walleye factory, the walleye ain't waitin' paddle fast to get this one!
2050 Shipman Island, Ely, MN 55731 is a 2 bedroom, 560 sqft single-family home built in 2012. It last sold for $290,000 on Aug 12, 2026 (12% below the $329,000 asking price). It is currently off market. The Trulia Estimate is $290,100, with a rent estimate of $1,366/month.
Last check for updates: about 6 hours ago
Listed by Andrea Zupancich, (218) 749-0159
Z' Up North Realty
Bought with: Ryan Conway, (218) 451-0887, Coldwell Banker Realty - Duluth
Source: Lake Superior Area Realtors as distributed by MLS GRID, MLS#6124158

Home Details for 2050 Shipman Island

Interior Features

Interior Details
Number of Rooms: 4Types of Rooms: Bedroom, Kitchen, Living Room
Beds & Baths
Number of Bedrooms: 2Main Level Bedrooms: 1
Dimensions and Layout
Living Area: 560 Square FeetFoundation Area: 561
Heating & Cooling
Heating: Wall Unit(s),PropaneNo CoolingAir Conditioning: NoneHas HeatingHeating Fuel: Wall Unit S
Fireplace & Spa
No Fireplace
Gas & Electric
Electric: None
Levels, Entrance, & Accessibility
Number of Stories: 1
View
Has a ViewView: Inland Lake, Bay, Panoramic, City Lights, Typical

Exterior Features

Exterior Home Features
Roof: Asphalt ShingleExterior: DockFoundation: Stone, Wood
Parking & Garage
No CarportNo GarageNo Attached GarageParking: Other,None
Frontage
WaterfrontWaterfront: Inland Lake, Waterfront Access(Private), Shoreline Characteristics(Rocky, Sand)Responsible for Road Maintenance: NoneOn Waterfront
Water & Sewer
Sewer: Compost, OuthouseWater Body: Shagawa
Farm & Range
Frontage Length: 900
Finished Area
Finished Area (above surface): 560 Square Feet

Days on Market

Cumulative Days on Market: 112

Property Information

Year Built
Year Built: 2012
Property Type / Style
Property Type: ResidentialProperty Subtype: Single Family ResidenceArchitecture: Rustic
Building
Construction Materials: Wood, Frame/Wood
Property Information
Condition: Previously OwnedParcel Number: 465002004200

Price & Status

Price
List Price: $329,000Price Per Sqft: $518/sqft
Status Change & Dates
Off Market Date: Mon Jul 13 2026Possession Timing: Close Of Escrow

Active Status

MLS Status: SOLD

Location

Direction & Address
City: Ely
School Information
High School District: Ely #696

HOA

No HOA

Lot Information

Lot Area: 1.75 Acres

Offer

Listing Terms: Cash, Conventional

Miscellaneous

Mls Number: 6124158Water ViewWater View: Lake, BayAttribution Contact: ***Above Grade Unfinished Area: 560

Price and Tax history

DateEventPrice
Aug 12, 2026
Source: Lake Superior Area Realtors as distributed by MLS GRID #6124158
Sold
$290,000
Jul 16, 2026
Source: NorthstarMLS as distributed by MLS GRID #7045366
Pending
$329,000
Jun 5, 2026
Source: Range AOR #149646
PriceChange
$329,000
Price decreased by 6%
Mar 23, 2026
Source: Range AOR #149646
Listed For Sale
$350,000
Sep 1, 2023
Source: Lake Superior Area Realtors as distributed by MLS GRID #6099612
ListingRemoved

Market trends in Ely

Last updated July 2026
Buyer'sMarketSeller'sMarket
Avg. sale price
—
Sale-to-List Price
—
Price per sq ft
—
Available listings
98
2MoM

Around this home

What Locals Say about Ely

At least 8 Trulia users voted on each feature.

  • 93 % Say there's wildlife

  • 90 % Say kids play outside

  • 89 % Say car is needed

  • 88 % Say parking is easy

  • 86 % Say it's quiet

  • 83 % Say yards are well-kept

  • 83 % Say it's dog friendly

  • 80 % Say there's holiday spirit

  • 78 % Say people would walk alone at night

  • 77 % Say it's walkable to restaurants

  • 75 % Say there are sidewalks

  • 73 % Say streets are well-lit

  • 72 % Say neighbors are friendly

  • 69 % Say it's walkable to grocery stores

  • 45 % Say there are community events

  • 36 % Say they plan to stay for at least 5 years

Sourced by Trulia users. Learn more about our methodology.
  • Mavericksells
    "Ely is surrounded by forests and it’s a lovely, peaceful place to reside. There are wonderful restaurants, shops, a great movie theater and a variety of outdoor activities to choose from year round. "
    0
    Flag
  • Derek H.
    "Ely is located at the end of the road. No roads go to much further north due to the boundary waters canoe area which strictly prohibits dwellings or any man made structures. Ely can seem like a long way from anywhere at times and the community recognizes this and most willing are willing to help whoever and whenever the need may arise. We take care of our own and then some . "
    7
    Flag
  • Jennifer P.
    "Don't move here if you don't like being out in the woods. ppl on this town take care of each other. even if you're new. as long as you show you want to be part of Ely. "
    0
    Flag
  • Jennifer P.
    "as a new comer to ely try to get into activities around town, especially if you have younger children who are not school age. jobs are not always easy to find and though the cost of living is fairly low you do money can get tight quickly. ely is a nice town but it's hard on you too. more work for less. your kids are safe here but still know who you're talking to before hand."
    3
    Flag
  • Rvhall
    "There is no public transport in this neighborhood , but Arrowhead transport does run in town for a nominal fee and there are weekly trips to Virginia Mn."
    0
    Flag
  • Lora L.
    "We have cab service and in town bus service. It’s a 25 block walk from first place in town to last. Generally, the city park,police,fire,library dot,and shopping district are within 8 blocks from anywhere."
    0
    Flag

LGBTQ Local Legal Protections

Based on information submitted to the MLS GRID as of 2026-08-18 21:07:09 PDT. All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Some IDX listings have been excluded from this website. Click here for more information

Frequently asked questions about 2050 Shipman Island

  • What is 2050 Shipman Island estimated to be worth?
    Trulia's estimated value for 2050 Shipman Island in Ely, MN is $290,100.
  • What is the price history for 2050 Shipman Island?
    2050 Shipman Island in Ely, MN last sold for $290,000 in August 2026.
  • Is Ely a buyer's or seller's market?
    Ely is currently a buyer's market, based on recent for-sale activity.
  • What do residents say about Ely?
    Residents describe Ely, MN as easy to park in, quiet, and well-kept. Most residents say you need a car. See recently sold homes in Ely, MN.
  • How big is the lot at 2050 Shipman Island?
    The lot at 2050 Shipman Island in Ely, MN is about 1.8 acres.
  • Does 2050 Shipman Island have parking?
    Yes, 2050 Shipman Island in Ely, MN has on-site parking.

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