Is Great Neck, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Great Neck has remained a Buyer's Market.
Housing Prices in Great Neck, NY
How much do homes in Great Neck, NY cost?
Median Sold Price
$1,020,750
$540/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Great Neck was $1,020,750 in May 2024, up 11% from last year, and the median price per square foot was $540.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $286K | $284K | -0.7% |
2 Bedrooms | $515K | $517.5K | 0.5% |
3 Bedrooms | $970K | $1.0M | +8.2% |
4 Bedrooms | $1.3M | $1.5M | +14.2% |
5+ Bedrooms | $1.8M | $2.1M | +22.2% |
Summary: Great Neck housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.7%, 2 bedroom homes increased by 0.5%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 14.2%, and 5+ bedroom homes increased by 22.2%.
Median Sold Price Compared To Nearby Cities
Kings Point | $2.3M | $2.8M | +22.9% |
Great Neck | $920K | $1.0M | +11.0% |
North Hempstead | $869K | $949K | +9.2% |
Housing Supply in Great Neck, NY
How many homes are available in Great Neck, NY?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
247 | 291 | +17.8% |
Summary: The Great Neck real estate market had 291 homes for sale in May 2024, a 17.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 69 | 77 | +11.6% |
2 Bedrooms | 47 | 55 | +17.0% |
3 Bedrooms | 38 | 45 | +18.4% |
4 Bedrooms | 38 | 40 | +5.3% |
5+ Bedrooms | 55 | 74 | +34.5% |
Summary: The Great Neck housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.6%, 2 bedroom homes increased by 17%, 3 bedroom homes increased by 18.4%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes increased by 34.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
23 | 32 | +39.1% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 32 homes were sold or pending in Great Neck in May 2024, up by 39.1% month-over-month. Of the 32 sold homes, 72% were sold under asking, 13% were sold at asking, and 16% were sold over asking.
Days on Market for Great Neck, NY
How long does it take to sell a home in Great Neck, NY?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
115 Days | 84 Days | -26.5% |
Summary: Homes in Great Neck had an average of 84 days on market in May 2024, down by 26.5% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Summary: During May 2024, 32 homes were sold in Great Neck; 34% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 31% of homes were sold over 90 days.