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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Panama City Beach is a buyer's market

Buyer's
Market

Difference Since March 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

$479,991

$352/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$4,745(+1.0%)

Key Takeaway

Homes in Panama City Beach have sold for 1% more than they did a year ago.

Summary: The median home sold price in Panama City Beach was $479,991 in March 2024, up 1% from last year, and the median price per square foot was $352.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $372.6K$370K
-0.7%
2 $469.7K$451.4K
-3.9%
3 $499.9K$511.6K
+2.3%
4 $599K$632.2K
+5.5%
5+ $817.5K$1.1M
+45.3%

Summary: Panama City Beach housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.7%, 2 bedroom homes decreased by 3.9%, 3 bedroom homes increased by 2.3%, 4 bedroom homes increased by 5.5%, and 5+ bedroom homes increased by 45.3%.

Median Sold Price Compared To Nearby Cities

Southport
+7.0%
Panama City Beach
+1.0%
Panama City Beaches
0.2%

Housing Supply in Panama City Beach, FL

How many homes are available in Panama City Beach, FL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
1,4611,597+9.3%

Summary: The Panama City Beach real estate market had 1,597 homes for sale in March 2024, a 9.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 289335
+15.9%
2 463516
+11.4%
3 454475
+4.6%
4 173175
+1.2%
5+ 8296
+17.1%

Summary: The Panama City Beach housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 15.9%, 2 bedroom homes increased by 11.4%, 3 bedroom homes increased by 4.6%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 17.1%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
130114-12.3%

Asking Price vs. Sold Price

85 Homes Were Sold
Under Asking

22 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Panama City Beach, you may be able to get a good deal. 74.6% of homes here sold below asking price last month.

Summary: A total of 114 homes were sold or pending in Panama City Beach in March 2024, down by 12.3% month-over-month. Of the 114 sold homes, 75% were sold under asking, 19% were sold at asking, and 6% 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

Mar 2023Mar 2024CHANGE
65 Days95 Days+45.0%

Summary: Homes in Panama City Beach had an average of 95 days on market in Mar 2024, up by 45% compared to last year.

Breakdown of Home Sale Times

27 Homes Were Sold
Under 30 Days

37 Homes Were Sold
In 30 - 90 Days

50 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

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 March 2024, 114 homes were sold in Panama City Beach; 24% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 44% 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 22 Days Ago

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