Market Overview
Home Prices in Water Mill, NY
The median home value in Water Mill, NY is $4,757,803 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.6% compared to a year ago and up 6.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Water Mill are priced1060% above average. Water Mill is part of the New York-Newark-Jersey City, NY-NJ-PA metro area.
Over the past five years, Water Mill home values have risen by approximately47.3%, reflecting strong long-term appreciation in this market.
Price History
Water Mill Home Price Trend
City Comparison
Water Mill vs. National Median
At $4,757,803, homes in Water Mill cost 1060% above the national median of $410,000. Buyers in Water Mill should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Water Mill?
20% Down Payment
$951,561
on $4,757,803
Monthly P&I
$24,814/mo
30-yr @ 6.8%
Total Monthly Est.
~$31,514/mo
incl. taxes & insurance
Income Needed
$1,260,560
gross annual (30% rule)
10% Down Option
$475,780
+ PMI applies
Loan Amount (20% dn)
$3,806,242
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Water Mill, NY?
The median home value in Water Mill is $4,757,803 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.6% year-over-year.
How much have home prices changed in Water Mill?
Over the past year, home values in Water Mill have increased by 5.6%. Over five years, prices have risen approximately 47.3%.
How much do I need to earn to buy a home in Water Mill?
To comfortably afford the median home price of $4,757,803 with a 20% down payment ($951,561) at today's rates (6.8%), you'd need a gross annual income of approximately $1,260,560. This assumes keeping total housing costs at or below 30% of gross income.
How does Water Mill compare to the national average home price?
The national median home value is approximately $410,000. At $4,757,803, homes in Water Mill are 1060% above the national average.
What metro area is Water Mill part of?
Water Mill is part of the New York-Newark-Jersey City, NY-NJ-PA metropolitan area. Home prices and market conditions can vary across the broader metro region.