Great Neck, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Great Neck Neighborhoods Since 2000




Great Neck, NY Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Great Neck Housing Market Information

With a population of 10,143, 3,203 total housing units (homes and apartments), and a median house value of $820,828, 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 66.76% of the village's housing units. Other types of housing that are prevalent in Great Neck include large apartment complexes or high rise apartments ( 23.85%), duplexes, homes converted to apartments or other small apartment buildings ( 8.22%), 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 71.57% of Great Neck's homes, and 58.17% 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 41.01% of the village's housing hails from this era. Other housing ages represented in Great Neck include homes built before 1939 ( 34.00%) and housing constructed between 1970-1999 ( 14.07%). There's also some housing in Great Neck built between 2000 and later ( 10.92%).

Great Neck Home Appreciation Rates

Appreciation rates for homes in Great Neck have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 8.82%, which ranks in the top 40% nationwide. This equates to an annual average Great Neck house appreciation rate of 0.85%.

Appreciation rates are so strong in Great Neck that despite a nationwide downturn in the housing market, Great Neck real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Great Neck appreciation rates continue to be some of the highest in America, at 9.54%, which is higher than appreciation rates in 92.48% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Great Neck. Great Neck appreciation rates in the latest quarter were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New York, our data show that Great Neck's latest annual appreciation rate is higher than 90% of the other cities and towns in New York.

Average Home Values

 

Median Home Value:
$820,828

Great Neck, NY HOME PRICES

Value Range
> $1,247,000 14.5
$935,001 - $1,247,000 29.9
$623,001 - $935,000 30.8
$499,001 - $623,000 3.5
$374,001 - $499,000 6.6
$249,001 - $374,000 3.5
$125,001 - $249,000 4.0
$63,001 - $125,000 4.6
$0 - $63,000 2.6

Very High for NY
Very High for Nation

Value Relative to Nation Value Relative to State
1.80475799835931 5.61167227833895

Number Of Homes And Apartments:
3,203

Great Neck Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
74.54% 3.28% 8 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,145 / per month

Homeownership Rate

Homeownership
Owners 71.57
Renters 28.43
Vacant 9.16

Housing Market Details

 

Age of Homes

AGE OF Great Neck HOMES
2000 or Newer 10.9
1970 - 1999 14.1
1940 - 1969 41.0
1939 or Older 34.0

Types of Homes

TYPE OF Great Neck HOMES
Single-Family 66.8
Townhomes 1.2
Small Apt. Buildings 8.2
Apt. Complexes 23.9
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Great Neck HOMES
No Bedroom 2.72
1 Bedroom 12.34
2 Bedrooms 19.94
3 Bedrooms 30.23
4 Bedrooms 27.94
5 or more bedrooms 6.83