XXX Olson Bay Tr, Ely, MN 55731
Property image
Property image
FOR SALE
4.87 ACRES

$299,500

Original price: $325,000

    XXX Olson Bay Tr, Ely, MN 55731

    Est. Mortgage $1,964/mo*
    Get Pre-Qualified

    Home Highlights

    Lot/Land
    4.87 acre lot

    Local Information

    • Map ViewExplore the area around XXX Olson Bay Tr.
    • Schools1 Preschool School1 Elementary School1 Middle School1 High School
    • Shop & Eat
    -- mins to
    Commute Destination

    About this House

    Beautiful Shagawa Lake parcel located on the desirable west end in Olson Bay. This private lake lot offers approximately 4.87 acres with 265 feet of shoreline, fantastic lake views, and a peaceful natural setting. The driveway is already in place and leads to a cleared building site and parking area, making it easy to envision your future Northwoods retreat. Two trails provide access down to the lake, while the gently sloped shoreline, excellent privacy, and beautiful setting on one of Ely’s most sought-after lakes create a rare opportunity to build your ideal lake getaway.
    Last check for updates: about 11 hours ago
    Listing courtesy of Kate Davies, (218) 343-9173
    Bear Island Realty LLC
    Anna Yahnke, (218) 235-3547
    Bear Island Realty LLC
    Source: Lake Superior Area Realtors as distributed by MLS GRID, MLS#6124409
    Also Listed on Lake Superior Area Realtors as distributed by MLS GRID.

    Home Details for XXX Olson Bay Tr

    Interior Features

    Appliances & Utilities
    Utilities: Electricity Available
    Gas & Electric
    Electric: Lake Country Power
    View
    Has a ViewView: Inland Lake, Panoramic

    Exterior Features

    Exterior Home Features
    Other Structures: Other
    Parking & Garage
    Parking: Gravel
    Frontage
    WaterfrontWaterfront: Inland Lake, Waterfront Access(Private)Road Frontage: Private RoadResponsible for Road Maintenance: Private Maintained RoadOn Waterfront
    Water & Sewer
    Water Body: Shagawa
    Farm & Range
    Frontage Length: 265

    Days on Market

    Cumulative Days on Market: 43Days on Market: 164

    Property Information

    Property Type / Style
    Property Type: LandProperty Subtype: Unimproved Land
    Property Information
    Parcel Number: 465002002714

    Price & Status

    Price
    List Price: $299,500
    Status Change & Dates
    Possession Timing: Immediate

    Active Status

    MLS Status: ACTIVE

    Location

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

    Agent Information

    Listing Agent
    Listing ID: 6124409

    HOA

    No HOA

    Lot Information

    Lot Area: 4.87 Acres

    Offer

    Listing Terms: Cash, Conventional

    Miscellaneous

    Mls Number: 6124409Water ViewWater View: LakeAttribution Contact: ***

    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. "
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    • 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."
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    Market trends in Ely

    Last updated August 2026
    Buyer'sMarketSeller'sMarket
    Avg. sale price
    —
    Sale-to-List Price
    —
    Price per sq ft
    —
    Available listings
    103
    5    MoM

    Home Value

    Learn more about this home's value by checking out the value of nearby homes and how much similar homes have sold for.

    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
    XXX Highway 169, Ely, MN
    1.57
    Lot/Land
    $75,000
    01/09/26
    -
    -
    TBD Lindbeck Rd, Ely, MN
    2.40
    Lot/Land
    $105,000
    06/15/26
    -
    -
    1317 N Pioneer Rd, Ely, MN
    3.44
    Lot/Land
    $270,000
    06/05/26
    -
    -
    TBD Highway 169, Ely, MN
    3.76
    Lot/Land
    $34,000
    12/15/25
    -
    -
    1322 N 18th Ave E, Ely, MN
    3.86
    Lot/Land
    $40,000
    01/21/26
    -
    -
    2125 Sibley Court, Ely, MN
    4.11
    Lot/Land
    $490,000
    05/27/26
    -
    -
    2128 and 2136 Sibley Court, Ely, MN
    4.17
    Lot/Land
    $38,900
    10/23/25
    -
    -

    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
    xxx Grant McMahan Blvd, Ely, MN 55731
    0.44
    -
    -
    -
    -
    Off Market
    3132 BURNTSIDE RIDGE RD, Ely, MN 55731
    0.61
    $737,900
    2
    -
    572
    Off Market
    Burntside Ridge Rd, Ely, MN 55731
    0.61
    -
    -
    -
    -
    Off Market
    2349 Gold Mine Rd, Ely, MN 55731
    0.87
    $457,500
    2
    1
    1,298
    Off Market
    2260 Goldmine Rd, Ely, MN 55731
    0.96
    $153,300
    Studio
    -
    192
    Off Market
    2202 Gold Mine Rd, Ely, MN 55731
    1.00
    $439,200
    2
    2
    1,300
    Off Market
    TBD Gold Mine Rd, Ely, MN 55731
    1.03
    -
    -
    -
    -
    Off Market
    2050 Shipman Island, Ely, MN 55731
    1.04
    $290,000
    2
    -
    560
    Recently Sold
    XXX Grant McMahan Blvd, Ely, MN 55731
    1.09
    -
    -
    -
    -
    Off Market
    2492 B Grant McMahan Blvd, Ely, MN 55731
    1.11
    -
    -
    -
    -
    Off Market
    2492A Grant McMahan Blvd, Ely, MN 55731
    1.11
    -
    -
    -
    -
    Off Market

    Price and Tax history

    DateEventPrice
    May 14, 2026
    Source: Lake Superior Area Realtors as distributed by MLS GRID #6124409
    		PriceChange
    $299,500
    Price decreased by 8%
    Apr 9, 2026
    Source: Lake Superior Area Realtors as distributed by MLS GRID #6124409
    		Listed For Sale
    $325,000
    Jan 1, 2026
    Source: Lake Superior Area Realtors as distributed by MLS GRID #6121227
    		ListingRemoved
    $325,000
    Nov 14, 2025
    Source: Lake Superior Area Realtors as distributed by MLS GRID #6121227
    		PendingToActive
    $325,000
    Oct 8, 2025
    Source: Lake Superior Area Realtors as distributed by MLS GRID #6121227
    		Contingent
    $325,000

    LGBTQ Local Legal Protections

    Kate Davies, Bear Island Realty LLC
    Agent Phone: (218) 343-9173
    Based on information submitted to the MLS GRID as of 2026-09-20 08:17:10 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

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    Frequently asked questions about XXX Olson Bay Tr

    • How big is XXX Olson Bay Tr?
      XXX Olson Bay Tr in Ely, MN is about 4.9 acres.
    • What is the price per acre for XXX Olson Bay Tr?
      XXX Olson Bay Tr in Ely, MN is listed at $299,500, or about $60K per acre.
    • 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 homes for sale in Ely, MN.
    • What are the closest schools to XXX Olson Bay Tr?
      The closest schools to XXX Olson Bay Tr in Ely, MN are Memorial Middle School (rated 7/10), Memorial Secondary (High, rated 9/10), Washington Elementary School (Pre-K, rated 6/10).
    XXX Olson Bay Tr, Ely, MN 55731 is a lot/land. This property is currently available for sale and was listed by Lake Superior Area Realtors as distributed by MLS GRID on Apr 9, 2026. The MLS # for this home is MLS# 6124409.