Watertown, SD 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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

Watertown, SD Housing Market Trends

With a population of 22,174, 9,731 total housing units (homes and apartments), and a median house value of $170,529, house prices in Watertown are solidly below the national average.

Single-family detached homes are the single most common housing type in Watertown, accounting for 60.06% of the city's housing units. Other types of housing that are prevalent in Watertown include large apartment complexes or high rise apartments ( 19.23%), duplexes, homes converted to apartments or other small apartment buildings ( 7.34%), and a few mobile homes or trailers ( 7.30%).

The most prevalent building size and type in Watertown are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.39% owning and 41.61% renting.

There is a lot of housing in Watertown built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Watertown built between 2000 and later ( 20.47%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.80%). There's also some housing in Watertown built before 1939 ( 15.27%).

Watertown Home Appreciation Rates

Real estate appreciation rates in Watertown's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.48% during the period.

Over the last year, Watertown appreciation rates have trailed the rest of the nation. In the last twelve months, Watertown's appreciation rate has been 6.18%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Watertown were at 2.09%, which equates to an annual appreciation rate of 8.61%.

Relative to South Dakota, our data show that Watertown's latest annual appreciation rate is lower than 80% of the other cities and towns in South Dakota.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Watertown differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Watertown - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Watertown real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$170,529

Watertown, SD HOME PRICES

> $1,139,000
0.6%
0.6%
$854,001 - $1,139,000
0.6%
0.6%
$569,001 - $854,000
2.4%
2.4%
$456,001 - $569,000
2.0%
2.0%
$342,001 - $456,000
8.5%
8.5%
$228,001 - $342,000
21.6%
21.6%
$114,001 - $228,000
42.0%
42.0%
$57,001 - $114,000
15.3%
15.3%
$0 - $57,000
7.1%
7.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for SD

Value Relative To Nation

Number Of Homes And Apartments:
9,731

Watertown Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SD*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
98.34% 3.24%
3
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,155 / per month

Homeownership Rate

Owners
58.4%
58.4%
Renters
41.6%
41.6%
Vacant
7.4%
7.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
20.5%
20.5%
1970 - 1999
45.5%
45.5%
1940 - 1969
18.8%
18.8%
1939 or Older
15.3%
15.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
60.1%
60.1%
Townhomes
6.1%
6.1%
Small Apt. Buildings
7.3%
7.3%
Apt. Complexes
19.2%
19.2%
Mobile Homes
7.3%
7.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.6%
3.6%
1 Bedroom
9.3%
9.3%
2 Bedrooms
28.6%
28.6%
3 Bedrooms
33.8%
33.8%
4 Bedrooms
19.9%
19.9%
5 or more bedrooms
4.9%
4.9%
0.0% 100.0%
% OF HOMES

Popular Communities Near Watertown, SD

Zip Codes in Watertown, SD