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Featured local agent — Water Mill, NY
Sarah Mitchell
Compass Real Estate · Water Mill, NY
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Water Mill, NY Housing Market & Real Estate
Housing market overview · Updated monthly ·
$3.68Mmedian sale price
How is the Water Mill, NY housing market right now?
The median home sale price in Water Mill, NY is $3.68M. Homes sell in an average of 106 days with 18 active listings. The market is currently a buyer's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Water Mill a buyer's or seller's market?
Water Mill, NY is currently a buyer's market, based on 4.5 months of supply and homes selling in about 106 days. How we determine this →
Homes sold
4
Last 12 weeks
Days on market
106
Average pace
Active listings
18
4.5 months supply
Sale-to-list
94.2%
Below asking
What does the Water Mill housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $3.68M |
| Median list price | $5.70M |
| Average days on market | 106 days |
| Active inventory | 18 listings |
| Months of supply | 4.5 months |
| Sale-to-list price ratio | 94.2% |
| Median price per sq ft | $1,059/sq ft |
| Homes sold (latest month) | 4 |
| New listings (latest month) | 3 |
| Market condition | Buyer's market |
Source: Redfin · Updated monthly
How much do homes cost in Water Mill by property type?
How the Water Mill, NY market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $3.68M | $1,059/sq ft | 4 | 106 days |
| Condo / Co-op | $1.03M | $557/sq ft | 1 | 133 days |
Source: Redfin · Updated monthly
The Water Mill housing market is currently classified as a buyer's market with a median sale price of $3.68M. Prices have fallen 0.0% compared to last year, with homes spending an average of 106 days on market, indicating 4.5 months of inventory.This inventory level gives buyers significantly more negotiating power, allowing time to inspect properties thoroughly and potentially negotiate better terms.The price-to-income ratio of 30.1x provides context for how home values compare to local earning capacity.
Homes for sale in Water Mill
There are currently 18 homes listed for sale in Water Mill, New York. The median listing price is $5.7M.
Active listings
18
Homes on market
Median list price
$5.7M
Avg. days on market
106
Days until sale
New this week
3
Newly listed
Who lives in Water Mill?
Population
2,218
Median income
$158,250/yr
Median age
56.2 years
Owner-occupied
91.2%
College grads
77.6%
Avg commute
23.3 min
Source: U.S. Census Bureau ACS
What are homes worth in Water Mill?
Zillow home value
$4.76M
Zillow rent index
$96,167/mo
Price-to-rent ratio
4.1x
Price-to-income
30.1x
Source: Zillow Research
What is it like to live in Water Mill?
Water Mill is a community of approximately 2K residents with a median age of 56.2 years.The median household income is $158,250, which reflects a relatively affluent area with strong earning potential. 77.6% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 91.2%, reflecting strong community stability and long-term resident commitment. The average commute time is 23.3 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Water Mill offers a balanced lifestyle with accessible home values relative to local income levels.
Which cities are near Water Mill, NY?
Want a head-to-head view? Compare Water Mill side-by-side with any other U.S. city using our market-comparison tool.
Is Water Mill a good real estate investment market?
For investors evaluating Water Mill, the price-to-rent ratio of 4.1x suggests potential rental yield opportunity, making the market attractive for income-focused investors. The market has softened 0.0% year-over-year, potentially creating entry opportunities for strategic buyers.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Water Mill's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Water Mill's median home price.
Frequently asked questions
What is the average home price in Water Mill?
The median home sale price in Water Mill is $3.68M, down 0.0% from last year.
How long do homes stay on market in Water Mill?
Homes typically spend 106 days on market before going under contract.
What is the median income in Water Mill?
The median household income is $158,250 per year.
Is Water Mill a buyer's or seller's market?
With 4.5 months of supply, Water Mill is currently a buyer's market.
What is the Zillow home value estimate for Water Mill?
The Zillow Home Value Index (ZHVI) for Water Mill is $4.76M, representing the typical home value in the area.
What is the median condo price in Water Mill?
The median condo/co-op sale price in Water Mill, NY is $1.03M, compared to $3.68M for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Water Mill?
The median single-family home price in Water Mill, NY is $3.68M (about $1,059 per square foot).
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