This paper introduces a simplified analytical model describing the governing dynamics of near-field acoustically levitated objects. The simplification converts the equation of motion coupled with the partial differential equation of a compressible fluid, into a compact, second order ordinary differential equation, where the local stiffness and damping are transparent. The simplified model allows one to more easily analyse and design near-field acoustic levitation based systems, and it also helps to devise closed-loop controller algorithms for such systems. Near-field acoustic levitation employs fast ultrasonic vibrations of a driving surface and exploits the viscosity and the compressibility of a gaseous medium to achieve average, load carrying pressure. It is demonstrated that the slow dynamics dominates the transient behaviour, while the time-scale associated with the fast, ultrasonic excitation has a small presence in the oscillations of the levitated object. Indeed, the present paper formulates the slow dynamics under an ultrasonic excitation without the need to explicitly consider the latter. The simplified model is compared with a numerical scheme based on Reynolds equation and with experiments, both showing reasonably good results.