Milford is a HOT town to live in. You're just outside of Fairfield County, have Fairfield County ammenities, but New Haven County prices!! If you're looking to live within a mile or so of the water and are looking for a kid-oriented, family neighborhood then you should check out Settlers Ridge (Colonials, 2000+sf, built in 1995-1998). If looking to be in North Milford then you can check out Great River Golf Estates (Colonials, 2000+sf, built in 1999-2003). Homes in these developments tend to go on deposit within 30 days, unless they are drastically over prices.
The Milford market has and will continue to be hopping. Values have decreased in the past 2-1/2 years, but not too far like many other towns. I have found on properties we are getting into multi-offer situations again, if the home is priced correctly for that area then this is happening. Again, we find those who can not afford Fairfield County prices head into MIlford. Orange is a great town as well, however, you will find more neighborhoods in Milford so if you're raising kids this may be of interest to you. Milford offers an easy commute to NY, stopping all along the shoreline. You are about 1 hour 20 min to NY, 2 hours to Boston, 1 hour to the Casinos (great entertainment!), and so close to all Beaches.
Without knowing your exact question, I hope this information helps you.