Great Neck

Virginia Beach, VA

Neighborhood Market Analysis

Q3 2025 Report
$625,000 (Great Neck area, July 2025 estimate)
Median Home Price
45–55 (car-dependent, but some pockets near shopping/dining are more walkable)
Walkability Score
Consistently A-rated public schools; among the highest performing in Virginia Beach.
School Rating

Location Overview

Neighborhood Boundaries

Generally bounded by the Lynnhaven River to the west, Little Neck Road to the north, Great Neck Road to the east, and the southern edge near First Colonial Road. Includes sub-neighborhoods such as Great Neck Estates, Alanton, and Linkhorn Estates.

Zip Codes

2345423451

Market Data Summary

Price Range$450,000–$1,800,000+ (varies by waterfront and estate properties)
Price per Sq Ft$285–$350 (higher for waterfront or renovated homes)
Inventory LevelsLow to moderate; 1.5–2.2 months of supply, with luxury segment slightly higher.

Property Characteristics

Home Types & Architecture

Home Types

Single-family detachedLuxury waterfront estatesTownhomes (limited)

Architectural Styles

Traditional brick colonialRanchTransitionalContemporary waterfrontCape Cod

Property Details

Typical Lot Sizes0.25–1.5 acres (larger for waterfront/estate homes)
Home Age Range1960s–1990s (majority), with new construction infill and renovations
Construction QualityGenerally high, with many homes updated or custom-built; older homes often renovated.

Community Profile

Demographics & Lifestyle

Demographics

Predominantly professional and executive families, high education levels, median household income well above city average.

Community Vibe

Suburban, established, quiet, and upscale with a strong sense of community.

Typical Residents

  • Families with children
  • Executives
  • Retirees
  • Military officers

Family Friendly

Very family-oriented, with top-rated schools, parks, and youth sports leagues.

Amenities & Lifestyle

Parks & Recreation

  • Great Neck Park
  • Lynnhaven River access
  • Bayville Farms Park (nearby)

Dining Options

  • Leaping Lizard Cafe
  • No Frill Grill
  • Local seafood restaurants

Shopping Centers

  • Great Neck Square
  • Hilltop Shopping Center (nearby)

Local Businesses

  • Great Neck Shopping Center
  • Local boutiques
  • Medical offices

Education & Schools

Consistently A-rated public schools; among the highest performing in Virginia Beach.
Overall School Rating

Elementary Schools

  • John B. Dey Elementary
  • Trantwood Elementary

Middle Schools

  • Great Neck Middle

High Schools

  • Frank W. Cox High School

Private Schools

  • Cape Henry Collegiate (nearby)
  • Norfolk Academy (commute)

Transportation & Accessibility

Transit & Roads

Public Transit

  • Limited HRT bus service

Major Roads

  • Great Neck Road
  • First Colonial Road
  • Virginia Beach Blvd

Commute & Walkability

Commute Times15–25 minutes to Town Center, 20–30 minutes to Naval bases, 10–15 minutes to Oceanfront.
WalkabilityModerate in select areas, mostly car-dependent.
ParkingAmple off-street and driveway parking; no permit requirements.

Marketing Intelligence

Target Buyer Types

  • Move-up families
  • Relocating executives
  • Military officers
  • Retirees downsizing from larger estates

Key Selling Points

  • Top-rated schools
  • Large lots and privacy
  • Waterfront lifestyle
  • Established, safe community

Pricing Considerations

Homes must be priced competitively; buyers are value-conscious and expect move-in ready or updated features.

Common Objections & Response Strategies

Objection: Older home age/dated features

Response Strategy:

Highlight recent renovations, quality construction, and potential for customization.

Objection: Flood risk near water

Response Strategy:

Provide flood zone maps, insurance quotes, and note mitigation measures taken.

Objection: Car-dependent location

Response Strategy:

Emphasize proximity to shopping, schools, and short drive times to major destinations.

Investment Insights

Investment Potential

Appreciation Potential

Strong long-term appreciation due to school district and location; modest short-term gains as market stabilizes.

Rental Demand

High for executive and military rentals; low vacancy for quality homes.

Buyer Competition

Moderate to high, especially for updated homes in top school zones.

Best For

  • Families seeking top schools
  • Executives
  • Military transferees
  • Upscale investors

Potential Concerns

  • Flood insurance costs (waterfront)
  • Older home maintenance
  • Limited walkability

Professional Recommendations

1

Leverage school performance data in all marketing.

2

Network with military relocation specialists and HR departments.

3

Stage homes to highlight open layouts and outdoor spaces.

4

Educate buyers on flood risk and insurance proactively.

5

Price homes based on recent, hyperlocal comps—not just citywide averages.

6

Use professional photography and virtual tours to attract out-of-town buyers.

Competitive Analysis

Comparable Markets

  • Little Neck
  • North End
  • Alanton
  • Bay Colony

Market Positioning

Premium family and executive neighborhood with enduring value.

Competitive Advantages

  • Superior schools
  • Larger lots
  • Water access
  • Lower crime rates

Price Comparison

Priced above city median ($385,000–$418,000), but below ultra-luxury enclaves like North End or Bay Colony.

Investment Metrics

3.5%–4.5% (single-family rentals)
Cap Rates
4%–5% gross yield for executive homes
Rental Yields
18–22 (reflects premium ownership demand)
Price-to-Rent
Positive for high-end rentals; break-even or slightly negative for owner-occupants unless purchased below market.
Cash Flow
2%–4% annualized over next 3 years, barring major economic shifts.
Appreciation

Buyer Journey Insights

First-Time Buyers

Less common due to price point; those who purchase often have family support or dual incomes.

Move-Up Buyers

Primary buyer pool; attracted by schools, space, and lifestyle.

Downsizers

Seek single-level or low-maintenance homes, often moving within the neighborhood.

Investors

Target executive rentals or value-add renovations; focus on school proximity.

Relocators

Military and corporate transferees value move-in ready homes and quick closing timelines.

This neighborhood analysis was generated using hyperlocal data and AI intelligence.

Neighborhood conditions change - consult with local real estate professionals for the most current information.

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