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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Great Neck, NY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Great Neck, NY Housing Market Trends

With a population of 5,517, 3,300 total housing units (homes and apartments), and a median house value of $1,020,786, Great Neck house prices are not only among the most expensive in New York, Great Neck real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Great Neck, accounting for 68.70% of the village's housing units. Other types of housing that are prevalent in Great Neck include large apartment complexes or high rise apartments ( 24.57%), duplexes, homes converted to apartments or other small apartment buildings ( 4.82%), and a few row houses and other attached homes ( 1.16%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Great Neck. Owner-occupied housing accounts for 73.69% of Great Neck's homes, and 62.07% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Great Neck's housing was primarily built during this period, from the '40s through the '60s. A full 43.80% of the village's housing hails from this era. Other housing ages represented in Great Neck include homes built before 1939 ( 29.19%) and housing constructed between 1970-1999 ( 15.34%). There's also some housing in Great Neck built between 2000 and later ( 11.66%).

Vacant housing appears to be an issue in Great Neck. Fully 10.71% of the housing stock is classified as vacant. Left unchecked, vacant Great Neck homes and apartments can be a drag on the real estate market, holding Great Neck real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Great Neck Home Appreciation Rates

Great Neck's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Great Neck during the period has been just 4.69%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Great Neck's appreciation rate, at 4.85%, has been at or slightly above the national average. In the latest quarter, Great Neck's appreciation rate has been 0.41%, which annualizes to a rate of 1.66%.

Relative to New York, our data show that Great Neck's latest annual appreciation rate is lower than 80% of the other cities and towns in New York.

One very important thing to keep in mind is that these are average appreciation rates for the village. Individual neighborhoods within Great Neck differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Great Neck - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Great Neck real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$1,020,786

Great Neck, NY Home Prices
> $1,179,000
$884,001 - $1,179,000
$590,001 - $884,000
$471,001 - $590,000
$354,001 - $471,000
$236,001 - $354,000
$118,001 - $236,000
$59,001 - $118,000
$0 - $59,000
45.5%
45.5%
27.8%
27.8%
5.1%
5.1%
2.2%
2.2%
4.2%
4.2%
6.9%
6.9%
5.9%
5.9%
2.0%
2.0%
0.4%
0.4%
0% 100.0%
% of Homes
Very High

for New york

Very High

for nation

Number of Homes And Apartments:

3,300

Great Neck Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,768 / per month

Homeownership Rate

Owners
Renters
73.7%
73.7%
26.3%
26.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
10.7%
10.7%
89.3%
89.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
11.7%
11.7%
15.3%
15.3%
43.8%
43.8%
29.2%
29.2%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
68.7%
68.7%
1.2%
1.2%
4.8%
4.8%
24.6%
24.6%
0.8%
0.8%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.6%
0.6%
13.7%
13.7%
16.3%
16.3%
32.8%
32.8%
29.3%
29.3%
7.3%
7.3%
0% 100.0%
% of Homes