Is Panama City, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Panama City is a buyer's market

Buyer's
Market

Difference Since January 2023

Since last year, Panama City has remained a Buyer'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

$349,676

$204/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$39,676(+12.8%)

Key Takeaway

Homes in Panama City have sold for 12.8% more than they did a year ago.

Summary: The median home sold price in Panama City was $349,676 in January 2024, up 12.8% from last year, and the median price per square foot was $204.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $310K$346.1K
+11.7%
2 $235K$375K
+59.6%
3 $278.9K$311.7K
+11.8%
4 $380.4K$372.7K
-2.0%
5+ $452.5K$432.5K
-4.4%

Summary: Panama City housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.7%, 2 bedroom homes increased by 59.6%, 3 bedroom homes increased by 11.8%, 4 bedroom homes decreased by 2%, and 5+ bedroom homes decreased by 4.4%.

Median Sold Price Compared To Nearby Cities

Springfield
+13.5%
Panama City
+12.8%
Lynn Haven
+8.3%
Youngstown
+1.8%

Housing Supply in Panama City, FL

How many homes are available in Panama City, FL?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
1,3531,399+3.4%

Summary: The Panama City real estate market had 1,399 homes for sale in January 2024, a 3.4% increase compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 163186
+14.1%
2 271298
+10.0%
3 511509
-0.4%
4 327324
-0.9%
5+ 8182
+1.2%

Summary: The Panama City housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.1%, 2 bedroom homes increased by 10%, 3 bedroom homes decreased by 0.4%, 4 bedroom homes decreased by 0.9%, and 5+ bedroom homes increased by 1.2%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
172167-2.9%

Asking Price vs. Sold Price

108 Homes Were Sold
Under Asking

44 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Panama City, you may be able to get a good deal. 64.7% of homes here sold below asking price last month.

Summary: A total of 167 homes were sold or pending in Panama City in January 2024, down by 2.9% month-over-month. Of the 167 sold homes, 65% were sold under asking, 26% were sold at asking, and 9% 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

Jan 2023Jan 2024CHANGE
65 Days66 Days+1.9%

Summary: Homes in Panama City had an average of 66 days on market in Jan 2024, up by 1.9% compared to last year.

Breakdown of Home Sale Times

64 Homes Were Sold
Under 30 Days

57 Homes Were Sold
In 30 - 90 Days

46 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Panama City are selling fast, if you're buying plan to act quickly.

Summary: During January 2024, 167 homes were sold in Panama City; 38% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 28% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 23 Days Ago

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