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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Panama City Beaches is a buyer's market

Buyer's
Market

Difference Since January 2023

Since last year, Panama City Beaches has remained a Buyer's Market.

Key Takeaway

Panama City Beaches is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Panama City Beaches, FL

How much do homes in Panama City Beaches, FL cost?

Median Sold Price

$473,293

$350/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$18,389(+4.0%)

Key Takeaway

Homes in Panama City Beaches have sold for 4% more than they did a year ago.

Summary: The median home sold price in Panama City Beaches was $473,293 in January 2024, up 4% from last year, and the median price per square foot was $350.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $350K$362K
+3.5%
2 $428.8K$456.1K
+6.4%
3 $493K$495.9K
+0.6%
4 $632.5K$620K
-2.0%
5+ $895K$1.3M
+50.8%

Summary: Panama City Beaches housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.5%, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 0.6%, 4 bedroom homes decreased by 2%, and 5+ bedroom homes increased by 50.8%.

Median Sold Price Compared To Nearby Cities

Panama City
+12.8%
Southport
+11.0%
Panama City Beach
+6.9%
Panama City Beaches
+4.0%

Housing Supply in Panama City Beaches, FL

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

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
1,6551,798+8.6%

Summary: The Panama City Beaches real estate market had 1,798 homes for sale in January 2024, a 8.6% increase compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 311342
+10.0%
2 547598
+9.3%
3 513554
+8.0%
4 187200
+7.0%
5+ 97104
+7.2%

Summary: The Panama City Beaches housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 7%, and 5+ bedroom homes increased by 7.2%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
135118-12.6%

Asking Price vs. Sold Price

103 Homes Were Sold
Under Asking

14 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Panama City Beaches, you may be able to get a good deal. 87.3% of homes here sold below asking price last month.

Summary: A total of 118 homes were sold or pending in Panama City Beaches in January 2024, down by 12.6% month-over-month. Of the 118 sold homes, 87% were sold under asking, 12% were sold at asking, and 1% were sold over asking.

Days on Market for Panama City Beaches, FL

How long does it take to sell a home in Panama City Beaches, FL?

Average Sale Time

Jan 2023Jan 2024CHANGE
77 Days86 Days+11.0%

Summary: Homes in Panama City Beaches had an average of 86 days on market in Jan 2024, up by 11% compared to last year.

Breakdown of Home Sale Times

35 Homes Were Sold
Under 30 Days

40 Homes Were Sold
In 30 - 90 Days

43 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Panama City Beaches are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During January 2024, 118 homes were sold in Panama City Beaches; 30% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 36% 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 21 Days Ago

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