Redfin鈥檚 annual list of hottest housing markets ranks Bowie, Maryland, No. 10, and the Prince George鈥檚 County community earns the top 10 spot for several reasons.
Bowie has two things in common with all the communities on Redfin鈥檚 hottest markets list.
鈥淚n general, the most appealing neighborhoods are those that offer both access to cities and some of that small town suburban charm,鈥� said Daryl Fairweather, chief economist at Redfin.
Bowie, with a population of about 57,000, has seen a surge in popularity, with a 31% increase in home sales and a 140% jump in median views per listing in the past year. It has seen strong demand, particularly for properties with new development and more affordable pricing compared to D.C.
Homes in Bowie are selling quickly, often with multiple offers, . The median price of a home sale in Bowie in February was $495,000, according to listing service Bright MLS.
Its location is also appealing to many commuters.
鈥淚t is in between Washington, D.C. and Annapolis, which makes for a bigger job market,” Fairweather said. “And the area is growing in terms of appeal which has led to higher prices, but Bowie remains one of the more affordable markets in the D.C. area, so I think that makes it even hotter.”
Bowie is also within commuter distance to Baltimore, Maryland.
Any market that becomes popular for buyers runs the risk of its popularity pricing itself out of affordability. Fairweather said that does not appear to be the case for Bowie just yet.
鈥淪o far, I think competition is heating up without price growth getting out of hand,” she said. “I don鈥檛 think that鈥檚 enough to worry that prices are overinflated yet. I do think it is more of a sign that prices will go up in the next year.”
Bowie is the only D.C.-area community in the top 10 for hottest current markets. Two other Maryland communities get honorable mentions further down the Redfin list: Upper Marlboro and Lusby, on the Chesapeake Bay.
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