11023, Great Neck, NY

The 11023 zip code of Great Neck, NY has a median home value of $1,073,000. The home equity in this zip code is $868,000. This means that the majority of homes in this zip code are worth more than their original purchase price. Additionally, the average home price in this zip code has increased by 5.5% over the past year.

There are a number of factors that could contribute to the increase in home values in the 11023 zip code of Great Neck, NY. Some potential reasons include an increase in demand for housing stock due to an influx of new residents and an increase in job opportunities within the area. Additionally, there is a low rate of foreclosure activity within this zip code which could lead to increased prices for homes that are still available on the market.

Despite these positive trends, there are also some risks associated with buying a home in the 11023 zip code of Great Neck, NY. One potential risk is that interest rates may rise over time and make it more difficult for homeowners to afford their mortgages. Another risk is that prices may decrease if there is a sudden decrease in demand for homes within this area or if there is another economic recession. However, overall it appears that buyers who are interested in purchasing a home within this zip code should have confidence that their investment will be rewarded with long-term appreciation