menu
Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Rice, MN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Rice, MN Housing Market Trends

With a population of 2,123, 663 total housing units (homes and apartments), and a median house value of $306,622, Rice real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Rice, accounting for 88.66% of the city's housing units. Other types of housing that are prevalent in Rice include row houses and other attached homes ( 7.31%), large apartment complexes or high rise apartments ( 2.69%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.19%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Rice. Owner-occupied housing accounts for 87.03% of Rice's homes, and 77.01% have either three or four bedrooms, which is average sized relative to America.

Rice homes and real estate are some of the newest in America. 66.12% of Rice's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Rice real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 25.97%), and before 1939 ( 6.72%). There's also some housing in Rice built between 1940-1969 ( 1.19%).

Rice Home Appreciation Rates

Real estate appreciation rates in Rice's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.48% during the period.

Over the last year, Rice appreciation rates have trailed the rest of the nation. In the last twelve months, Rice's appreciation rate has been 4.13%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Rice were at -1.09%, which equates to an annual appreciation rate of -4.29%.

Notably, Rice's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Minnesota, our data show that Rice's latest annual appreciation rate is higher than 90% of the other cities and towns in Minnesota.

Average Home Values

Median Home Value

$306,622

Rice, MN Home Prices
> $1,235,000
$927,001 - $1,235,000
$618,001 - $927,000
$494,001 - $618,000
$370,001 - $494,000
$247,001 - $370,000
$123,001 - $247,000
$62,001 - $123,000
$0 - $62,000
0.1%
0.1%
0.5%
0.5%
4.8%
4.8%
5.6%
5.6%
10.4%
10.4%
54.8%
54.8%
19.9%
19.9%
1.5%
1.5%
2.5%
2.5%
0% 100.0%
% of Homes
Average

for Minnesota

High

for nation

Number of Homes And Apartments:

663

Rice Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,163 / per month

Homeownership Rate

Owners
Renters
87.0%
87.0%
13.0%
13.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
1.0%
1.0%
99.0%
99.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
66.1%
66.1%
26.0%
26.0%
1.2%
1.2%
6.7%
6.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
88.7%
88.7%
7.3%
7.3%
1.2%
1.2%
2.7%
2.7%
0.1%
0.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.4%
0.4%
1.5%
1.5%
15.7%
15.7%
51.2%
51.2%
25.8%
25.8%
5.4%
5.4%
0% 100.0%
% of Homes

Popular Neighborhoods in Rice

Zip Codes in Rice, MN