Rice, MN

Rice is a small town located in southeastern Minnesota. The population was 1,811 at the 2010 census. Rice is home to the Rice County Historical Society Museum and the Rice County Courthouse.

The town of Rice was founded in 1854 by settlers from Connecticut. The town was named for Isaac Rice, a early settler in the area. The first business in Rice was a general store operated by James and Eliza ( Nelson) Brown. In 1857, the Brown brothers built a mill on the White Earth River near what is now downtown Rice. This mill became one of the largest flour mills in Minnesota and produced flour for both local consumption and export to markets throughout North America.

In 1865, John Fenton opened a hardware store in downtown Rice which became one of the most successful businesses in town. Fenton's Hardware remained open until 1978 when it was sold to Bob Wiegand who continued to operate it until his death in 2006. Other early businesses include a blacksmith shop operated by William Haines; an ice cream shop run by Charles Kapp; and a bakery run by Mary Ann (Petersen) Hansen which later became Hansen's Bakery & Cafe which is still open today as one of the oldest continuously operating businesses in Rice.

During World War II, rice production increased due to wartime demands for food products. This increase led to an influx of people into rural areas such as Rice who were looking for jobs opportunities. Today, rice production continues to be an important part of the economy with farmers producing wheat, corn, soybeans, alfalfa hay, cattle and pigs on over 1,000 acres within city limits.

Real estate has been an important part of life in Rice since its founding as farmers have needed land for crops and livestock purposes. In 1870-1871 there were twenty-four real estate transactions recorded within city limits indicating that real estate was becoming increasingly important as an investment vehicle within town limits . Today there are over 100 properties listed with Realtor Association International (RAI) including single family homes/townhomes (both primary residences and second homes), commercial properties (including restaurants/bars/lodging), multi-family dwellings (both apartments and condos), land parcels (including farmland), manufactured homesites/mobile home parks and timberland holdings .

The average price of residential property sold within city limits during 2017 was $147,719 while commercial property averaged $273 per square foot . While this data does not reflect all properties currently available for sale within city limits , it provides insight into how real estate has become an increasingly important investment option within this small community .