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The First-Time Homebuyer's Guide to Watertown


In search of a new place to call home in Watertown, South Dakota? South Dakota Housing Development Authority (SDHDA) has programs for homebuyers who are purchasing for the first time in South Dakota's fifth-largest city. The SDHDA First-Time Homebuyer program makes the process much simpler and more manageable.

Check out our first-time homebuying guide to Watertown.

Participating Lenders

A preapproval is a great way to kick off your homebuying journey—the Watertown area includes several options for securing a First-Time Homebuyer Loan. Check out these potential lenders who offer SDHDA programs: 

CU Mortgage Direct, LLC


Dacotah Bank


Fairway Independent Mortgage Corporation


First Bank and Trust


First Premier Bank


Great Western Bank


Plains Commerce Bank




Wells Fargo Home Mortgage


Agent Options

Having a knowledgeable, capable real estate agent can be a very powerful tool. Your real estate agent selection is important because he or she can bring expertise to the table that assists you in locating your ideal home at the best possible price. In addition, active agents statewide are required to have a Department of Labor and Regulation license. Considering a potential agent in your area? See whether he or she is up to date on credentials.

Neighborhood Choices

Watertown has no shortage of desirable neighborhoods from which to choose—but what are your biggest priorities when it comes to choosing a location? Whether you value proximity to shopping or nearby college living or quieter, rural-adjacent living, you can find a spot in or around the city that's ideal for your must-haves list. Check out these options:

  • Southern Region
    • Median Home Price: $53,752
    • Area Schools: Mt. Marty College
    • Area Amenities: Pelican Lake, Watertown Mall, Redlin Art Center
  • Central Region
    • Median Home Price: $124,359
    • Area Amenities: Codington County Heritage Museum, Family Aquatic Center, Diamond Ball Park
  • East Central Region
    • Median Home Price: $165,730
    • Area Schools: Lake Area Technical Institute, Watertown Senior High
    • Area Amenities: Belmont Park, Watertown Regional Library
  • Northwestern Region
    • Median Home Price: $254,338
    • Area Amenities: Lake Kampeska, Bramble Park Zoo, Cattail Crossing Golf Course 
  • Northeastern Region
    • Median Home Price: $219,665
    • Area Schools: Watertown Middle, Lincoln Elementary
    • Area Amenities: Highland Park, Prairie Lakes Wellness Center

Whatever you're after, there's something for everyone in Watertown. Research what's most important to you, and you'll get a better idea of where to start looking. When the time comes for mortgage options, SDHDA is here to help!

E-Book Download A South Dakotan's Guide to Buying Your First Home Vol. 1


Topics: Homeownership

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