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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 Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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 1,975, 607 total housing units (homes and apartments), and a median house value of $263,382, 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 87.95% of the city's housing units. Other types of housing that are prevalent in Rice include row houses and other attached homes ( 6.51%), large apartment complexes or high rise apartments ( 5.37%).

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 89.13% of Rice's homes, and 72.64% 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. 62.70% 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 ( 28.50%), and between 1940-1969 ( 4.40%). There's also some housing in Rice built before 1939 ( 4.40%).

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 4.51% 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 9.99%, 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 0.58%, which equates to an annual appreciation rate of 2.35%.

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 lower than 60% of the other cities and towns in Minnesota.

Average Home Values

 

Median Home Value:
$263,382

Rice, MN HOME PRICES

> $1,256,000
$943,001 - $1,256,000
$628,001 - $943,000
$503,001 - $628,000
$377,001 - $503,000
$251,001 - $377,000
$125,001 - $251,000
$63,001 - $125,000
$0 - $63,000
0.2%
0.2%
0.5%
0.5%
2.4%
2.4%
2.2%
2.2%
11.4%
11.4%
32.6%
32.6%
43.8%
43.8%
4.8%
4.8%
2.1%
2.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Average for MN

Value Relative To Nation

Number Of Homes And Apartments:
607

Rice Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MN*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
89.74% 2.89%
4
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,068 / per month

Homeownership Rate

Owners
Renters
Vacant
89.1%
89.1%
10.9%
10.9%
1.1%
1.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
62.7%
62.7%
28.5%
28.5%
4.4%
4.4%
4.4%
4.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
87.9%
87.9%
6.5%
6.5%
0.2%
0.2%
5.4%
5.4%
0.0%
0.0%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.8%
1.8%
2.4%
2.4%
20.4%
20.4%
46.7%
46.7%
25.9%
25.9%
2.8%
2.8%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Rice

Zip Codes in Rice, MN