The length is about 440 yards. Different race lengths can be established by locating the starting box at various points on the track. At Derby Lane the 5/16th (1,650 feet) and the 3/8th (1,980 feet) distances are run. Other distances offered around the country are 1/4 mile and 7/16th mile distances.
Except from http://www.derbylane.com/history_faq.asp
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The most common distance for a race in the United States is 5/16th of a mile. The race starts in a chute behind the top of the home stretch (U.S. greyhound tracks are uniformly 1/4 mile in length), and the dogs go around the track once.
The next most common distance is 3/8 mile. Other distances include 3/16th, 7/16th, and (rarely) 9/16th.
Most Greyhounds are retired between three and five years of age. The reason depends on many factors, such as win history, injuries, etc. Some successful dogs will race for longer, and some dogs retire much earlier due to an injury for example.
A horse race usually lasts a minute and 30 seconds....that's how long the one i saw was. More or less, really.