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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Lake Grove, NY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lake Grove, NY Housing Market Trends

With a population of 11,041, 3,754 total housing units (homes and apartments), and a median house value of $726,585, Lake Grove house prices are not only among the most expensive in New York, Lake Grove real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Lake Grove, accounting for 80.70% of the village's housing units. Other types of housing that are prevalent in Lake Grove include large apartment complexes or high rise apartments ( 14.66%), row houses and other attached homes ( 2.87%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.62%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Lake Grove. Owner-occupied housing accounts for 80.01% of Lake Grove's homes, and 64.29% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lake Grove's housing was primarily built during this period, from the '40s through the '60s. A full 48.10% of the village's housing hails from this era. Other housing ages represented in Lake Grove include homes built between 1970-1999 ( 31.43%) and housing constructed between 2000 and later ( 15.55%). There's also some housing in Lake Grove built before 1939 ( 4.93%).

Lake Grove Home Appreciation Rates

Real estate appreciation rates in Lake Grove's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.34% during the period.

Appreciation rates are so strong in Lake Grove that despite a nationwide downturn in the housing market, Lake Grove real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lake Grove appreciation rates continue to be some of the highest in America, at 10.31%, which is higher than appreciation rates in 88.66% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lake Grove. Lake Grove appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.

Relative to New York, our data show that Lake Grove's latest annual appreciation rate is higher than 80% of the other cities and towns in New York.

Average Home Values

Median Home Value

$726,585

Lake Grove, NY Home Prices
> $1,411,000
$1,058,001 - $1,411,000
$705,001 - $1,058,000
$564,001 - $705,000
$423,001 - $564,000
$282,001 - $423,000
$141,001 - $282,000
$71,001 - $141,000
$0 - $71,000
2.0%
2.0%
5.8%
5.8%
42.0%
42.0%
33.3%
33.3%
10.9%
10.9%
3.4%
3.4%
0.0%
0.0%
1.3%
1.3%
1.3%
1.3%
0% 100.0%
% of Homes
Very High

for New york

Very High

for nation

Number of Homes And Apartments:

3,754

Lake Grove Appreciation Rates

Rent & Ownership

Average Market Rent:

$3,975 / per month

Homeownership Rate

Owners
Renters
80.0%
80.0%
20.0%
20.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.1%
2.1%
97.9%
97.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
15.5%
15.5%
31.4%
31.4%
48.1%
48.1%
4.9%
4.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
80.7%
80.7%
2.9%
2.9%
1.6%
1.6%
14.7%
14.7%
0.2%
0.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.4%
2.4%
9.2%
9.2%
15.9%
15.9%
32.3%
32.3%
32.0%
32.0%
8.2%
8.2%
0% 100.0%
% of Homes