Today we will discuss and explore different factors of the real estate market in Watertown, NY.
During the last few years our county has seen an influx of population, partially due to Fort Drum, of about 1.7%. This has had both positive and negative effects on our real estate market. With the influx of people from Fort Drum, more rental housing has been built off base which directly effects our sales market. In response to this change in the market, it has been a bit more difficult to sell homes at a normal rate. Most of these changes have occurred in Jefferson County, causing an increase in sales for both Lewis and St. Lawrence counties as a result. In these neighboring counties, sales have been more stable because there is no change in housing developments or anything of the sort.
Market trends show that median prices for Watertown have not differed much over the last three years, all being close to $129,000 at $76 per square foot. The median closing price to accompany these sales has been around $114,000. On a 12 month chart, the market shows that median sales prices are known to drop in December and April while they are known to rise in March and July. Prices often rise during the late spring and summer months according to market trends. In Watertown, price per square foot has decreased an incredible 18% over the last year. This is partially due to the rental housing that has been built for Ft. Drum, but can also be a result of poor market standing at this time.
Home appreciation, or the value an asset may increase over time, is down -3.7% since last year. This is where the market really hurts, as this depreciation lowers the value of the area around it. While the numbers are not as great as they have been in years past, and the market has hit a rough patch, there are still plenty of reasons why Watertown could be the place for you. The cost of living in Watertown is 3% less than the national average, which can save you some money in the long run. In addition to this, the average commute time for people who live in the city is 15 minutes, while the national average resides at 25 minutes. To learn more about Watertown and the wonderful areas surrounding it, please see our Community Guides tab. Don’t forget, here at BridgeView we have the best and most knowledgeable agents to help you navigate the market no matter where it’s at, and we vow to be truthful to help you find the right home for you at the right price.