16 new real estate properties in Great Neck, New York have been added to Ofirio in the last 7 days.
Of those new properties:
Great Neck, New York has a low demand for real estate. This is determined by the difference between the list price and the closed price, which on average is 5% lower than than the list price. The demand for luxury real estate is higher than the demand for “Under $200k” real estate by 1%. Homes in Great Neck, New York are on the market for 117 days, on average among all of our listings.
This week the following real estate properties became available for sale:
The biggest change in price is in the 4 Beds segment and it is 60% ($830,583) more than the week prior.
The average closing price for real estate in Great Neck New York has fallen by 50% from the last week, which amounted to $1,677,745.
As of January 2023 Great Neck, NY is a seller market which means homes sell faster at a higher price. In January 2023, 0 homes (0.0%) sold at asking price, 8 homes (100.0%) sold below asking price, and 0 homes (0.0%) were sold above asking price. If purchasing a home there is little room to negotiate the price.
The median home price decreased by 40.5% from $1,210,000 in January 2022 to $720,000 in January 2023. The number of homes sold in Great Neck, NY has decreased by 60.0% over the last year from 20 in January 2022 to 8 homes in January 2023.
Homes in Great Neck, NY have sold for 16.3% less per ft² than they did a year ago. As of January 2023 the average price per square foot is $400.
Homes for sale in Great Neck, New York, can vary depending on a number of factors. The size, location, and condition of a home each make a difference.
On average, the median home value in Great Neck is around $1,000,000. Smaller homes can go for about $500,000, whereas larger and more luxurious properties can go for several million dollars.
Be mindful that real estate prices often fluctuate over time. Checking current listings or consulting with a real estate agent for a more accurate estimate are both helpful for staying up to date on the real estate market in Great Neck.
As a well-established, affluent community, Great Neck is known for its upscale neighborhoods and high-end homes. Therefore, finding homes on the cheaper side is going to be considerably more challenging than finding properties at higher rates.
Naturally, the Great Neck real estate market is competitive. This means that for buyers on a tight budget, purchasing a home in Great Neck, New York, may be easier said than done.
The salary required to buy a house in Great Neck, New York, can vary depending on the following factors: the home’s price, the down payment, and the current interest rates.
As a general rule of thumb, a buyer’s annual income should be at least 2.5 to three times the amount of their mortgage. This means for a $1 million home, a buyer should have an annual income of $250,000 to $300,000 in order to qualify for a mortgage.
Additional expenses, such as property taxes, insurance, and maintenance need to be taken into account as well. This comes on top of the buyer’s credit score, debt-to-income ratio, and any other outstanding expenses.
Buyers who are willing to make a higher down payment can enjoy lower interest rates and mortgages, therefore making home acquisition less expensive in Great Neck.
Disclaimer: The information above is a rough estimate of the Great Neck real estate market. It is a good idea to check with a mortgage lender for a more accurate account of an affordable home and its monthly payments.
Studies of real estate in Great Neck show that home prices are actually rising, rather than falling. In many cases, homes also sell within close to 90 days of being listed on the market.
Buyers who are looking for significant declines of home prices in Great Neck may have a challenging time. Even outside of this community, the real estate market has been getting more expensive across the board.
The rise of home prices in Great Neck should be taken into account by buyers before they proceed further into the home acquisition process.
The village of Great Neck on the North Shore of Long Island has earned a top-tier reputation, due to its beaches, cultural centers, lovely parks, schools, and other attractions. Likewise, Great Neck has become famous for attracting many celebrities and affluent homeowners.
Adding to the status and wealth tied to this community are the regular productions of various TV shows and movies. From Great Neck Plaza to Kensington and Thomaston, etc., this part of New York is vibrant and has much to offer.
Great Neck’s proximity to New York City is another factor working in its favor. Many people in this community enjoy being not too far away from the big city, while still being able to enjoy great options for shopping and dining out.
Based on current market trends, there is a real possibility that Great Neck house prices will remain relatively close to where they are now or become more expensive.
Within the past five years, Great Neck housing prices have held fairly steady. However, when considering the years ahead, factors such as inflation, supply chain shortages, and other problems impacting the larger real estate market have to be taken into account.
As it stands today, home buyers would do well to prepare for housing prices in Great Neck to grow, rather than decline. If inflation continues to rise, this alone will send prices throughout real estate skyrocketing.
Great Neck’s median household income remains higher than America’s national average, as does the town’s cost of living. For this reason, Great Neck is generally considered to be one of the most affluent towns in the United States.
Excellent schools, luxury shops, upscale homes, and Great Neck’s business class also each contribute to its status as a rich town worth living in.