Watertown USDA Loan Rates, Closing Costs & Stats

Watertown, SD

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    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Watertown's 7 lenders originated 29 USDA loans during 2023. The total origination value was $4,655,000, with an average USDA loan value of $160,517.

    Watertown USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Watertown averaged 5.98% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Watertown's average USDA mortgage closing costs are $4,759.

    The average rate for the prior week (2024-12-06) was 6.31% and one month ago for the week of 2024-11-08, the average rate was 6.13%.

    The average rate one year ago was 6.4%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.2%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Watertown USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Watertown level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 6.07% $4,388
    Dacotah Bank 4 5.63% $3,041
    First Bank & Trust 4 5.75% $4,236
    American Bank & Trust 3 5.42% $5,081
    Plains Commerce Bank 3 6.13% $4,256
    CHURCHILL MORTGAGE CORPORATION 2 6.38% $5,493
    First PREMIER Bank 1 5.75% $5,649

    The top Watertown USDA lender as defined by loan originations is FAIRWAY INDEPENDENT MORTGAGE CORPORATION, with 12 USDA loans originated. Their average total fees are $4,388, which is $1,348 higher than the next largest lender, Dacotah Bank.

    The lowest fee Watertown USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($4,388), .

    The lowest rate Watertown USDA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION (6.07%), .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Watertown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $234,900 (6.1%) $252,219 (5.3%) 0.00 154
    2018-02-01 $233,650 (5.6%) $252,012 (3.4%) 0.00 160
    2018-03-01 $239,000 (10.5%) $258,848 (7.9%) 0.00 172
    2018-04-01 $243,500 (16.0%) $262,899 (12.3%) 0.00 169
    2018-05-01 $239,900 (20.0%) $257,056 (10.1%) 0.00 180
    2018-06-01 $249,900 (17.7%) $265,356 (8.3%) 0.00 180
    2018-07-01 $232,700 (7.8%) $248,982 (0.4%) 0.00 186
    2018-08-01 $229,900 (7.5%) $248,841 (1.2%) 0.00 180
    2018-09-01 $229,900 (5.5%) $245,142 (-1.3%) 0.00 169
    2018-10-01 $229,900 (3.7%) $243,296 (-3.0%) 0.00 162
    2018-11-01 $225,200 (4.1%) $243,512 (1.0%) 0.00 161
    2018-12-01 $229,400 (4.3%) $245,154 (-0.6%) 0.00 144
    2019-01-01 $225,100 (-4.2%) $242,143 (-4.0%) 0.00 136
    2019-02-01 $212,450 (-9.1%) $233,235 (-7.5%) 0.00 139
    2019-03-01 $222,929 (-6.7%) $237,899 (-8.1%) 0.00 144
    2019-04-01 $231,625 (-4.9%) $242,086 (-7.9%) 0.00 148
    2019-05-01 $229,900 (-4.2%) $238,929 (-7.1%) 0.00 181
    2019-06-01 $229,900 (-8.0%) $235,616 (-11.2%) 0.00 196
    2019-07-01 $227,150 (-2.4%) $234,613 (-5.8%) 0.00 206
    2019-08-01 $218,627 (-4.9%) $231,932 (-6.8%) 0.00 201
    2019-09-01 $209,218 (-9.0%) $227,430 (-7.2%) 0.00 196
    2019-10-01 $202,945 (-11.7%) $224,429 (-7.8%) 0.00 186
    2019-11-01 $199,400 (-11.5%) $224,053 (-8.0%) 0.00 168
    2019-12-01 $209,000 (-8.9%) $228,581 (-6.8%) 0.00 141
    2020-01-01 $219,225 (-2.6%) $238,493 (-1.5%) 0.00 126
    2020-02-01 $226,950 (6.8%) $240,965 (3.3%) 0.00 138
    2020-03-01 $224,450 (0.7%) $238,470 (0.2%) 0.00 138
    2020-04-01 $219,900 (-5.1%) $243,350 (0.5%) 0.00 143
    2020-05-01 $219,900 (-4.4%) $248,190 (3.9%) 0.00 165
    2020-06-01 $241,150 (4.9%) $261,435 (11.0%) 0.00 179
    2020-07-01 $252,900 (11.3%) $269,170 (14.7%) 0.00 165
    2020-08-01 $249,900 (14.3%) $262,499 (13.2%) 0.00 138
    2020-09-01 $227,800 (8.9%) $260,933 (14.7%) 0.00 134
    2020-10-01 $219,900 (8.4%) $260,299 (16.0%) 0.00 127
    2020-11-01 $207,400 (4.0%) $255,325 (14.0%) 0.00 112
    2020-12-01 $224,900 (7.6%) $279,225 (22.2%) 0.00 94
    2021-01-01 $219,900 (0.3%) $275,506 (15.5%) 0.00 87
    2021-02-01 $232,475 (2.4%) $290,211 (20.4%) 0.00 72
    2021-03-01 $261,150 (16.4%) $311,510 (30.6%) 0.00 77
    2021-04-01 $309,900 (40.9%) $322,964 (32.7%) 0.00 95
    2021-05-01 $339,900 (54.6%) $336,098 (35.4%) 0.00 97
    2021-06-01 $339,900 (41.0%) $356,649 (36.4%) 0.00 100
    2021-07-01 $375,000 (48.3%) $380,606 (41.4%) 0.00 102
    2021-08-01 $339,900 (36.0%) $369,820 (40.9%) 0.00 107
    2021-09-01 $339,900 (49.2%) $360,941 (38.3%) 0.00 106
    2021-10-01 $339,900 (54.6%) $353,526 (35.8%) 0.00 93
    2021-11-01 $339,900 (63.9%) $334,028 (30.8%) 0.00 78
    2021-12-01 $334,900 (48.9%) $320,359 (14.7%) 0.00 69
    2022-01-01 $339,900 (54.6%) $338,782 (23.0%) 0.00 54
    2022-02-01 $339,900 (46.2%) $362,159 (24.8%) 0.00 56
    2022-03-01 $339,900 (30.2%) $361,236 (16.0%) 0.00 53
    2022-04-01 $332,400 (7.3%) $322,662 (-0.1%) 0.00 54
    2022-05-01 $341,150 (0.4%) $386,299 (14.9%) 0.00 76
    2022-06-01 $364,900 (7.4%) $395,208 (10.8%) 0.00 82
    2022-07-01 $349,900 (-6.7%) $383,095 (0.7%) 0.00 87
    2022-08-01 $354,900 (4.4%) $391,221 (5.8%) 0.00 77
    2022-09-01 $372,400 (9.6%) $399,841 (10.8%) 0.00 85
    2022-10-01 $339,900 (0.0%) $377,058 (6.7%) 0.00 76
    2022-11-01 $339,900 (0.0%) $376,925 (12.8%) 0.00 69
    2022-12-01 $339,900 (1.5%) $365,672 (14.1%) 0.00 61
    2023-01-01 $339,900 (0.0%) $377,434 (11.4%) 0.00 56
    2023-02-01 $347,400 (2.2%) $381,324 (5.3%) 0.00 48
    2023-03-01 $364,900 (7.4%) $417,981 (15.7%) 0.00 46
    2023-04-01 $379,900 (14.3%) $463,434 (43.6%) 0.00 59
    2023-05-01 $399,225 (17.0%) $484,994 (25.6%) 0.00 80
    2023-06-01 $399,225 (9.4%) $492,396 (24.6%) 0.00 87
    2023-07-01 $399,900 (14.3%) $503,709 (31.5%) 0.00 83
    2023-08-01 $392,400 (10.6%) $502,554 (28.5%) 0.00 87
    2023-09-01 $369,900 (-0.7%) $472,086 (18.1%) 0.00 100
    2023-10-01 $349,450 (2.8%) $451,649 (19.8%) 0.00 102
    2023-11-01 $344,675 (1.4%) $430,838 (14.3%) 0.00 96
    2023-12-01 $349,900 (2.9%) $431,824 (18.1%) 0.00 90
    2024-01-01 $353,650 (4.1%) $435,101 (15.3%) 0.00 76
    2024-02-01 $379,900 (9.4%) $439,929 (15.4%) 0.00 74
    2024-03-01 $374,900 (2.7%) $406,679 (-2.7%) 0.00 59
    2024-04-01 $380,900 (0.3%) $415,406 (-10.4%) 0.00 72
    2024-05-01 $371,000 (-7.1%) $385,546 (-20.5%) 0.00 83
    2024-06-01 $359,000 (-10.1%) $382,158 (-22.4%) 0.00 93
    2024-07-01 $348,650 (-12.8%) $382,191 (-24.1%) 0.00 106
    2024-08-01 $349,900 (-10.8%) $389,755 (-22.5%) 0.00 112
    2024-09-01 $357,100 (-3.5%) $395,474 (-16.2%) 0.00 112
    2024-10-01 $357,100 (2.2%) $397,327 (-12.0%) 0.00 119
    2024-11-01 $359,500 (4.3%) $398,593 (-7.5%) 0.00 111
    Watertown's median listing price for 2024-11-01 was $359,500, a difference of $14,825 (4.3%) versus the prior year and $2,400 versus the prior month.

    Watertown's median listing price comes in at 0% of the national average.

    Watertown's average listing price for 2024-11-01 was $398,593, a difference of $-32,245 (-7.5%) versus the prior year and $1,266 versus the prior month.

    For the 2024-11-01 period, Watertown had 111 MLS listings, a difference of -8 listings (-7%) versus the prior month and 15 listings (16%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Watertown (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,286 sqft
    2018-02-01 0 days 2,313 sqft
    2018-03-01 0 days 2,354 sqft
    2018-04-01 0 days 2,433 sqft
    2018-05-01 0 days 2,433 sqft
    2018-06-01 0 days 2,434 sqft
    2018-07-01 0 days 2,295 sqft
    2018-08-01 0 days 2,299 sqft
    2018-09-01 0 days 2,304 sqft
    2018-10-01 0 days 2,288 sqft
    2018-11-01 0 days 2,323 sqft
    2018-12-01 0 days 2,349 sqft
    2019-01-01 0 days 2,304 sqft
    2019-02-01 0 days 2,275 sqft
    2019-03-01 0 days 2,309 sqft
    2019-04-01 0 days 2,355 sqft
    2019-05-01 0 days 2,308 sqft
    2019-06-01 0 days 2,265 sqft
    2019-07-01 0 days 2,251 sqft
    2019-08-01 0 days 2,188 sqft
    2019-09-01 0 days 2,186 sqft
    2019-10-01 0 days 2,184 sqft
    2019-11-01 0 days 2,143 sqft
    2019-12-01 0 days 2,147 sqft
    2020-01-01 0 days 2,195 sqft
    2020-02-01 0 days 2,205 sqft
    2020-03-01 0 days 2,175 sqft
    2020-04-01 0 days 2,157 sqft
    2020-05-01 0 days 2,169 sqft
    2020-06-01 0 days 2,298 sqft
    2020-07-01 0 days 2,320 sqft
    2020-08-01 0 days 2,288 sqft
    2020-09-01 0 days 2,282 sqft
    2020-10-01 0 days 2,193 sqft
    2020-11-01 0 days 2,192 sqft
    2020-12-01 0 days 2,202 sqft
    2021-01-01 0 days 2,080 sqft
    2021-02-01 0 days 2,173 sqft
    2021-03-01 0 days 2,233 sqft
    2021-04-01 0 days 2,066 sqft
    2021-05-01 0 days 1,731 sqft
    2021-06-01 0 days 1,731 sqft
    2021-07-01 0 days 1,753 sqft
    2021-08-01 0 days 1,742 sqft
    2021-09-01 0 days 1,742 sqft
    2021-10-01 0 days 1,731 sqft
    2021-11-01 0 days 1,731 sqft
    2021-12-01 0 days 1,697 sqft
    2022-01-01 0 days 1,731 sqft
    2022-02-01 0 days 1,731 sqft
    2022-03-01 0 days 1,731 sqft
    2022-04-01 0 days 1,731 sqft
    2022-05-01 0 days 1,731 sqft
    2022-06-01 0 days 1,815 sqft
    2022-07-01 0 days 1,932 sqft
    2022-08-01 0 days 2,297 sqft
    2022-09-01 0 days 2,316 sqft
    2022-10-01 0 days 2,185 sqft
    2022-11-01 0 days 2,010 sqft
    2022-12-01 0 days 2,004 sqft
    2023-01-01 0 days 1,988 sqft
    2023-02-01 0 days 1,795 sqft
    2023-03-01 0 days 1,770 sqft
    2023-04-01 0 days 1,991 sqft
    2023-05-01 0 days 2,268 sqft
    2023-06-01 0 days 2,034 sqft
    2023-07-01 0 days 2,109 sqft
    2023-08-01 0 days 1,614 sqft
    2023-09-01 0 days 1,574 sqft
    2023-10-01 0 days 1,501 sqft
    2023-11-01 0 days 1,466 sqft
    2023-12-01 0 days 1,525 sqft
    2024-01-01 0 days 1,525 sqft
    2024-02-01 0 days 1,525 sqft
    2024-03-01 0 days 1,532 sqft
    2024-04-01 0 days 1,530 sqft
    2024-05-01 0 days 1,467 sqft
    2024-06-01 0 days 1,427 sqft
    2024-07-01 0 days 1,427 sqft
    2024-08-01 0 days 1,976 sqft
    2024-09-01 0 days 1,951 sqft
    2024-10-01 0 days 1,938 sqft
    2024-11-01 0 days 1,936 sqft
    Watertown's median listing age (time on market) for 2024-11-01 was 0 days.

    Watertown's median square footage for active listings during the 2024-11-01 period was 1,936 sqft. One year prior, the average listing was 1,466 sqft.