Is Panama City Beach, 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 Beach was a Seller's Market.
Key Takeaway
Panama City Beach is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Panama City Beach, FL
How much do homes in Panama City Beach, FL cost?
Median Sold Price
$469,856
$344/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Panama City Beach have sold for 3.1% less than they did a year ago.
Summary: The median home sold price in Panama City Beach was $469,856 in June 2024, down 3.1% from last year, and the median price per square foot was $344.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $365K | $361K | -1.1% |
| 2 Bedrooms | $464.4K | $439.8K | -5.3% |
| 3 Bedrooms | $499.7K | $515K | +3.0% |
| 4 Bedrooms | $605.1K | $629.7K | +4.1% |
| 5+ Bedrooms | $858.7K | $1.0M | +19.4% |
Summary: Panama City Beach housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.1%, 2 bedroom homes decreased by 5.3%, 3 bedroom homes increased by 3%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 19.4%.
Median Sold Price Compared To Nearby Cities
| Southport | $475K | $461.3K | -2.9% |
| Panama City Beach | $485K | $469.8K | -3.1% |
| Panama City Beaches | $474.3K | $459K | -3.2% |
Housing Supply in Panama City Beach, FL
How many homes are available in Panama City Beach, FL?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 1,731 | 1,767 | +2.1% |
Summary: The Panama City Beach real estate market had 1,767 homes for sale in June 2024, a 2.1% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 354 | 358 | +1.1% |
| 2 Bedrooms | 575 | 586 | +1.9% |
| 3 Bedrooms | 504 | 516 | +2.4% |
| 4 Bedrooms | 173 | 181 | +4.6% |
| 5+ Bedrooms | 125 | 126 | +0.8% |
Summary: The Panama City Beach housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 1.1%, 2 bedroom homes increased by 1.9%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 4.6%, and 5+ bedroom homes increased by 0.8%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 158 | 132 | -16.5% |
Asking Price vs. Sold Price
104 Homes Were Sold
Under Asking
23 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Panama City Beach, you may be able to get a good deal. 78.8% of homes here sold below asking price last month.
Summary: A total of 132 homes were sold or pending in Panama City Beach in June 2024, down by 16.5% month-over-month. Of the 132 sold homes, 79% were sold under asking, 17% were sold at asking, and 4% were sold over asking.
Days on Market for Panama City Beach, FL
How long does it take to sell a home in Panama City Beach, FL?
Average Sale Time
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 65 Days | 94 Days | +43.3% |
Summary: Homes in Panama City Beach had an average of 94 days on market in Jun 2024, up by 43.3% compared to last year.
Breakdown of Home Sale Times
44 Homes Were Sold
Under 30 Days
40 Homes Were Sold
In 30 - 90 Days
48 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Panama City Beach are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During June 2024, 132 homes were sold in Panama City Beach; 33% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 36% 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.
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