Business & Tech

Expert: Homes Selling Faster Than Last Year in Great Neck

Median price for a home in Great Neck at $1,375,038, down 3 percent from 2012.

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Carrington Real Estate Services, LLC, a national residential real estate brokerage with offices in Great Neck today announced May market trends for the city, analyzing key metrics including median home price, total inventory and average days on market for single family residences.

According to Great Neck housing market data prepared for Carrington by Altos Research, some trends hinted at recovery within the city’s real estate market. Median home prices continued to stabilize, while days on market decreased. The inventory of available homes for sale – though up from earlier this year – fell significantly from the same time last year.

As of May 17, the median price for a home in Great Neck was $1,375,038, down 3 percent from the median price of $1,417,423 recorded 90 days earlier, and down 2 percent from the median price of $1,409,077 recorded one year prior.

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“Though home prices in Great Neck continue to dip slightly below last year’s levels, there is definite movement within the market,” noted Carrington Real Estate Services Local Office Leader Seth Lesselbaum. “Homes in this area are selling much faster than they were earlier this year and inventory has dropped significantly from one year ago. For homeowners who have been waiting to sell, these are indicators that it might be a good time to consider testing the market.”

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