Water Mill, NY Real Estate Listings & Homes for Sale

The Water Mill housing market remains relatively calm, offering less competition among buyers. In the past month, the median sale price for homes in Water Mill reached an impressive $7.0M, marking a staggering 329.8% increase compared to the same period last year. Additionally, the median sale price per square foot rose to $1,080, reflecting an 18.8% year-over-year increase. These figures highlight Water Mill's growing appeal as a luxury market, with high-end properties driving the significant price surge. The less competitive nature of the market may provide buyers with more time to evaluate their options, though the elevated prices emphasize the exclusivity of the area.

The Water Mill housing market is relatively relaxed, with homes typically spending an average of 161 days on the market before selling. Multiple offers are uncommon, reflecting the slower pace and less competitive nature of this high-end market. On average, homes sell for about 5% below the listing price and take around 161 days to go pending. However, "hot" properties—those with desirable features or prime locations—tend to perform better, selling for approximately 1% below the list price and going pending in about 77 days. This dynamic indicates that while most transactions take time, standout properties still attract attention more quickly, albeit within the context of a luxury market where buyers tend to be more selective.

In October 2024, Water Mill, NY, was identified as a buyer's market, meaning there were more homes available for sale than there were buyers actively looking to purchase. This surplus of inventory gives buyers an advantage, offering them more options to choose from and greater leverage in negotiations. In such conditions, sellers may need to price competitively or provide incentives to attract interest, making it an opportune time for buyers to secure a property in this luxury market at potentially favorable terms.