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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Watertown, MA 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 Q3 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2021 (latest available). Updated annually.

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

Watertown, MA Housing Market Trends

With 35,022 people, 16,027 houses or apartments, and a median cost of homes of $747,033, real estate costs in Watertown are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Watertown, accounting for 42.98% of the city's housing units. Other types of housing that are prevalent in Watertown include large apartment complexes or high rise apartments ( 27.18%), single-family detached homes ( 20.38%), and a few row houses and other attached homes ( 9.47%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

People in Watertown primarily live in small (one, two or no bedroom) units, chiefly found in duplexes, homes converted to apartments or other small apartment buildings. Watertown has a mixture of owner-occupied and renter-occupied housing.

The housing in Watertown was primarily built before 1939 ( 45.76%), making the housing stock in Watertown some of the oldest overall in America, although there is a range of ages of homes in Watertown. The next most important housing age is between 1940-1969 ( 28.97%), followed by between 1970-1999 ( 14.69%). There's also some housing in Watertown built between 2000 and later ( 10.59%).

Watertown Home Appreciation Rates

Appreciation rates for homes in Watertown have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 82.56%, which ranks in the top 50% nationwide. This equates to an annual average Watertown house appreciation rate of 6.20%.

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 3.01%, 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 3.73%, which equates to an annual appreciation rate of 15.77%.

Relative to Massachusetts, our data show that Watertown's latest annual appreciation rate is lower than 60% of the other cities and towns in Massachusetts.

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

$747,033

Watertown, MA Home Prices
> $1,245,000
$934,001 - $1,245,000
$623,001 - $934,000
$498,001 - $623,000
$373,001 - $498,000
$249,001 - $373,000
$124,001 - $249,000
$62,001 - $124,000
$0 - $62,000
8.8%
8.8%
24.5%
24.5%
37.9%
37.9%
15.0%
15.0%
6.6%
6.6%
4.8%
4.8%
1.0%
1.0%
0.0%
0.0%
1.4%
1.4%
0% 100.0%
% of Homes
High

for Massachusetts

Very High

for nation

Number of Homes And Apartments:

16,027

Watertown Appreciation Rates

Rent & Ownership

Average Market Rent:

$4,685 / per month

Homeownership Rate

Owners
Renters
Vacant
49.1%
49.1%
50.9%
50.9%
4.6%
4.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
10.6%
10.6%
14.7%
14.7%
29.0%
29.0%
45.8%
45.8%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
20.4%
20.4%
9.5%
9.5%
43.0%
43.0%
27.2%
27.2%
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
3.5%
3.5%
16.6%
16.6%
39.0%
39.0%
27.1%
27.1%
10.1%
10.1%
3.7%
3.7%
0% 100.0%
% of Homes