Is Panama City, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Panama City was a Seller's Market.
Key Takeaway
Panama City is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Panama City, FL
How much do homes in Panama City, FL cost?
Median Sold Price
$348,800
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Panama City have sold for 2.5% more than they did a year ago.
Summary: The median home sold price in Panama City was $348,800 in May 2024, up 2.5% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $349.9K | $330K | -5.7% |
| 2 Bedrooms | $351.8K | $365K | +3.7% |
| 3 Bedrooms | $297.3K | $318.1K | +7.0% |
| 4 Bedrooms | $369.9K | $375K | +1.4% |
| 5+ Bedrooms | $416.2K | $449.9K | +8.1% |
Summary: Panama City housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.7%, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 7%, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes increased by 8.1%.
Median Sold Price Compared To Nearby Cities
| Springfield | $220K | $243K | +10.5% |
| Lynn Haven | $337K | $350.3K | +4.0% |
| Panama City | $340.3K | $348.8K | +2.5% |
| Youngstown | $290K | $295K | +1.7% |
Housing Supply in Panama City, FL
How many homes are available in Panama City, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,705 | 1,812 | +6.3% |
Summary: The Panama City real estate market had 1,812 homes for sale in May 2024, a 6.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 218 | 237 | +8.7% |
| 2 Bedrooms | 378 | 377 | -0.3% |
| 3 Bedrooms | 605 | 661 | +9.3% |
| 4 Bedrooms | 394 | 412 | +4.6% |
| 5+ Bedrooms | 110 | 125 | +13.6% |
Summary: The Panama City housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.7%, 2 bedroom homes decreased by 0.3%, 3 bedroom homes increased by 9.3%, 4 bedroom homes increased by 4.6%, and 5+ bedroom homes increased by 13.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 213 | 236 | +10.8% |
Asking Price vs. Sold Price
138 Homes Were Sold
Under Asking
72 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Panama City, you may be able to get a good deal. 58.5% of homes here sold below asking price last month.
Summary: A total of 236 homes were sold or pending in Panama City in May 2024, up by 10.8% month-over-month. Of the 236 sold homes, 58% were sold under asking, 31% were sold at asking, and 11% were sold over asking.
Days on Market for Panama City, FL
How long does it take to sell a home in Panama City, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 52 Days | 58 Days | +11.8% |
Summary: Homes in Panama City had an average of 58 days on market in May 2024, up by 11.8% compared to last year.
Breakdown of Home Sale Times
121 Homes Were Sold
Under 30 Days
62 Homes Were Sold
In 30 - 90 Days
53 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Panama City are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 236 homes were sold in Panama City; 51% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
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Copyright 2024 My Florida Regional Multiple Listing Service DBA Stellar MLS. The real estate listing data marked with this icon comes from the IDX program of the Stellar MLS system. All information provided is deemed reliable but is not guaranteed and should be independently verified. Listings displayed on this website may be subject to prior sale or removal from sale; availability of any listing should always be independently verified. Listing information is provided exclusively for consumers’ personal, non-commercial use, solely to identify potential properties for potential purchase; all other use is strictly prohibited and may violate relevant federal and state law. Properties displayed may be listed or sold by various participants in the MLS.
© 2024 Miami Association of REALTORS®. All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®. All information is deemed reliable but not guaranteed by the MLS and should be independently verified. The MLS, this broker and their affiliates provide all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This property is offered without respect to any protected classes in accordance with the law.
Based on information from the Georgia MLS © 2024.