The average drywall water damage repair cost is $500. Drywall water damage repair costs range from $250 to $750 in 2019. Drywall is one of the most common wall coverings in homes today. It’s on your ceilings and walls all over the home. Once drywall becomes wet it needs to be replaced to avoid the development of mold and chance for it to fall apart. Read more about water damage restoration costs.