Corrales, NM 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 Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

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

Corrales, NM Housing Market Trends

With a population of 8,493, 3,709 total housing units (homes and apartments), and a median house value of $632,796, Corrales house prices are not only among the most expensive in New Mexico, Corrales 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 Corrales, accounting for 86.52% of the village's housing units. Other types of housing that are prevalent in Corrales include row houses and other attached homes ( 6.86%), mobile homes or trailers ( 6.62%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Corrales. Owner-occupied housing accounts for 91.56% of Corrales's homes, and 76.58% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Corrales built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Corrales built between 2000 and later ( 18.20%). A lesser amount of the housing stock also hails from between 1940-1969 ( 12.61%). There's also some housing in Corrales built before 1939 ( 4.54%).

Vacant housing appears to be an issue in Corrales. Fully 10.37% of the housing stock is classified as vacant. Left unchecked, vacant Corrales homes and apartments can be a drag on the real estate market, holding Corrales real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Corrales Home Appreciation Rates

Corrales's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Corrales during the period has been just 3.79%, which is lower than 70% of US communities.

Over the last year, Corrales appreciation rates have trailed the rest of the nation. In the last twelve months, Corrales's appreciation rate has been 13.39%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Corrales were at 1.72%, which equates to an annual appreciation rate of 7.07%.

Relative to New Mexico, our data show that Corrales's latest annual appreciation rate is lower than 70% of the other cities and towns in New Mexico.

Average Home Values

 

Median Home Value:
$632,796

Corrales, NM HOME PRICES

> $1,330,000
$998,001 - $1,330,000
$665,001 - $998,000
$532,001 - $665,000
$399,001 - $532,000
$266,001 - $399,000
$133,001 - $266,000
$67,001 - $133,000
$0 - $67,000
5.0%
5.0%
7.0%
7.0%
23.8%
23.8%
23.0%
23.0%
24.4%
24.4%
11.4%
11.4%
2.7%
2.7%
1.5%
1.5%
1.3%
1.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NM

Value Relative To Nation

Number Of Homes And Apartments:
3,709

Corrales Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NM*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
111.63% 3.43%
6
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,723 / per month

Homeownership Rate

Owners
Renters
Vacant
91.6%
91.6%
8.4%
8.4%
10.4%
10.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
18.2%
18.2%
64.6%
64.6%
12.6%
12.6%
4.5%
4.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
86.5%
86.5%
6.9%
6.9%
0.0%
0.0%
0.0%
0.0%
6.6%
6.6%
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.9%
2.9%
0.6%
0.6%
15.5%
15.5%
47.5%
47.5%
29.1%
29.1%
4.3%
4.3%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Corrales

Zip Codes in Corrales, NM