Corrales, NM—87048
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Corrales, NM
As of Nov '25, the median home price in Corrales, NM is $692,000, with a year-over-year change of 3.2%. This indicates that home prices in Corrales, NM are increasing. According to Zillow, the 1-year price projection is 2.3%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $692,000 | 3.2% |
| Single Family | $695,000 | 3.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $440,000 | 7.3% |
3 Bed | $656,000 | 3.8% |
4 Bed | $842,000 | 2.8% |
| 5 Bed | $1,044,213 | 3.4% |
% of Housing Stock
Rental Trends — Corrales, NM
As of July '25, Rentcast reports the average rent in Corrales, NM is $1,790, with a year-over-year rent change of -23.8%. Per bedroom, the median rent as of July '25 in Corrales, NM is studios: $1,020, 1-bedrooms: $1,800, 2-bedrooms: $2,120, 4-bedrooms: $2,600. The most common rental property sizes in Corrales, NM are 3-bedroom and 2-bedroom, accounting for 49.0% and 25.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,900 | $1,790 |
| Studio Rent | $975 | $1,020 |
| 1 Bed Rent | $1,900 | $1,800 |
| 2 Bed Rent | $1,740 | $2,120 |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | $2,600 | $2,600 |
% of Rental Stock
Property Listings — Corrales, NM
As of Nov '25, Realtor.com reports that the median days on market for a home in Corrales, NM is 70. This is a increase of 19.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 17.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $967,000 | 16.0% |
Listing Count | 46 | -1.0% |
| Listings as % of Homes | 0.7% | -1.0% |
Days on Market | 70 | 19.0% |
Demographics — Corrales, NM
As of the latest ACS Survey released in 2023, Corrales, NM has a population of 9,170, which has increased by 1.1% over the past 5 years. Corrales, NM is a moderately popular place for families, as children make up 15.7% of the population. The area has a highly educated workforce, with 50.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 23.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 9,170 | 1.1% |
% Under 18 | 15.7% | -1.3% |
% Seniors | 34.9% | 24.2% |
% WFH | 23.9% | 99.2% |
% w/ College Degree | 50.6% | -13.5% |
As of the latest ACS Survey released in 2023, Corrales, NM is a predominantly white area, with 62.9% of the population identifying as white. The white population has shrunk by 5.1% in the last 5 years. The second most common race or ethnicity in Corrales, NM is hispanic, making up 30.4% of the population. Foreign-born residents account for 5.9% of the population in Corrales, NM, and this percentage has increased by 1.7% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 62.9% | -5.1% |
% Black | 1.1% | -15.4% |
% Hispanic | 30.4% | 9.7% |
% Asian | 1.0% | -56.5% |
% Foreign Born | 5.9% | 1.7% |
Mortgage and Risk — Corrales, NM
According to HUD data as of 2023, there were 141 mortgage originations in Corrales, NM, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 48.0%, with 7.0% above 90% LTV (normal). This implies small mortgage risk in Corrales, NM. Investor activity is low, as 3.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 141 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 3.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 12.0% |
Rentals and Section 8 — Corrales, NM
Corrales, NM lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$610 | $1,900 | $1,290 |
| 2 Bedroom | -$160 | $1,740 | $1,580 |
| 3 Bedroom | N/A | N/A | $2,210 |
| 4 Bedroom | $20 | $2,600 | $2,620 |
Affordability — Corrales, NM
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.5 |
| Median Home Price | $692,000 |
| Median Household Income | $113,000 |