Great Neck, NY 11021 Real Estate Market Report

ZIP Code: 11021
Report Date: May 2026
Market Temperature: COLD
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Great Neck, NY are approximately 6.3% compared to the 5.9% average observed earlier in 2026, indicating that property owners who locked in rates during the first quarter are currently holding a more favorable position.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. 1,585,000 median sold price is the primary indicator of recent market value and suggests realized transaction levels are materially below asking; the gap between the median sold price and the 2,190,000 median listing price may indicate pricing friction and suggests sellers are testing higher price points while buyers transact lower.

2. The market shows prolonged time to contract with a 325 median days on market, which points to slower sales velocity and cold market dynamics that may give purchasers greater negotiation leverage.

3. Pricing density remains high at 691 median price per square foot while rental strength is evident with a 3,550 median market rent; this combination suggests that owners may continue to see income resilience even as capital values show weakness, supporting hold-strategies for some owner-occupiers and investors.

4. Broader trend signals reinforce caution: price year-over-year trend is down and market temperature is cold, while rent year-over-year trend is up and interest rate pressure is elevated; given the sampled inventory balance, the market appears to have elevated inventory relative to sales, which may prolong the current softening until rate pressure or demand improves.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.

Great Neck, NY 11021 Real Estate Market Report

ZIP Code: 11021
Report Date: May 2026
Market Temperature: COLD
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Cold market indicates weak buyer demand relative to available inventory, typically characterized by declining or flat prices, extended days on market, and elevated inventory levels relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Great Neck, NY are approximately 6.3% compared to the 5.9% average observed earlier in 2026, indicating that property owners who locked in rates during the first quarter are currently holding a more favorable position.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The primary market indicator is the median sold price of 836,000, which anchors recent transaction value and suggests realized pricing is below many seller expectations in this cooling cycle; cold market dynamics appear to be pressuring sale outcomes.

2. Liquidity is slow: the median days on market is 795, which signals materially slower sales velocity and suggests pricing friction and extended negotiation timelines may be common for both single-family residential and condominium listings.

3. Rents are strengthening even as sale prices cool: the median market rent is 4,980 and the rent year-over-year trend is up, indicating rental demand remains robust relative to for-sale activity and may support buy-to-rent strategies where financing metrics permit.

4. Market pressure is negative for buyers’ borrowing costs and pricing: price year-over-year trend is down while interest rate pressure is elevated, and current 30-year fixed mortgage rates in Great Neck are approximately 6.3% versus a 5.9% early‑2026 average, which favors owners who locked lower rates and contributes to a cold market that generally favors buyers.

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Notable Properties

The following 2 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.