Is Panama City, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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
$345,001
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Panama City have sold for 1% more than they did a year ago.
Summary: The median home sold price in Panama City was $345,001 in June 2024, up 1% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $349.6K | $325K | -7.0% |
| 2 Bedrooms | $375.2K | $341.6K | -9.0% |
| 3 Bedrooms | $295.8K | $315K | +6.5% |
| 4 Bedrooms | $375K | $370.9K | -1.1% |
| 5+ Bedrooms | $435K | $450K | +3.4% |
Summary: Panama City housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7%, 2 bedroom homes decreased by 9%, 3 bedroom homes increased by 6.5%, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes increased by 3.4%.
Median Sold Price Compared To Nearby Cities
| Springfield | $220K | $245K | +11.4% |
| Lynn Haven | $334.2K | $352.4K | +5.4% |
| Panama City | $341.4K | $345K | +1.0% |
| Youngstown | $288.5K | $290K | 0.5% |
Housing Supply in Panama City, FL
How many homes are available in Panama City, FL?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 1,793 | 1,811 | +1.0% |
Summary: The Panama City real estate market had 1,811 homes for sale in June 2024, a 1.0% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 216 | 228 | +5.6% |
| 2 Bedrooms | 360 | 345 | -4.2% |
| 3 Bedrooms | 668 | 724 | +8.4% |
| 4 Bedrooms | 419 | 401 | -4.3% |
| 5+ Bedrooms | 130 | 113 | -13.1% |
Summary: The Panama City housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 5.6%, 2 bedroom homes decreased by 4.2%, 3 bedroom homes increased by 8.4%, 4 bedroom homes decreased by 4.3%, and 5+ bedroom homes decreased by 13.1%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 251 | 238 | -5.2% |
Asking Price vs. Sold Price
134 Homes Were Sold
Under Asking
78 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. 56.3% of homes here sold below asking price last month.
Summary: A total of 238 homes were sold or pending in Panama City in June 2024, down by 5.2% month-over-month. Of the 238 sold homes, 56% were sold under asking, 33% 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
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 57 Days | 59 Days | +4.7% |
Summary: Homes in Panama City had an average of 59 days on market in Jun 2024, up by 4.7% compared to last year.
Breakdown of Home Sale Times
114 Homes Were Sold
Under 30 Days
70 Homes Were Sold
In 30 - 90 Days
54 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 June 2024, 238 homes were sold in Panama City; 48% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange program of Central Panhandle Association of REALTORS®. IDX information 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. Information deemed reliable but not guaranteed. Properties subject to prior sale, change, withdrawal or rental. Copyright© 2024 Central Panhandle Association of REALTORS.© All Rights Reserved.
Listings courtesy of Stellar MLS as distributed by MLS GRID.
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.
Based on information from the Georgia MLS © 2024.