Is Panama City, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$347,126
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Panama City have sold for 8.5% more than they did a year ago.
Summary: The median home sold price in Panama City was $347,126 in March 2024, up 8.5% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $315K | $346.1K | +9.9% |
| 2 Bedrooms | $297K | $351.6K | +18.4% |
| 3 Bedrooms | $285K | $314.8K | +10.4% |
| 4 Bedrooms | $380K | $375K | -1.3% |
| 5+ Bedrooms | $427K | $447.4K | +4.8% |
Summary: Panama City housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.9%, 2 bedroom homes increased by 18.4%, 3 bedroom homes increased by 10.4%, 4 bedroom homes decreased by 1.3%, and 5+ bedroom homes increased by 4.8%.
Median Sold Price Compared To Nearby Cities
| Springfield | $220K | $255K | +15.9% |
| Panama City | $319.9K | $347.1K | +8.5% |
| Lynn Haven | $324.9K | $349K | +7.4% |
| Youngstown | $285K | $296K | +3.9% |
Housing Supply in Panama City, FL
How many homes are available in Panama City, FL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,511 | 1,560 | +3.2% |
Summary: The Panama City real estate market had 1,560 homes for sale in March 2024, a 3.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 194 | 225 | +16.0% |
| 2 Bedrooms | 311 | 335 | +7.7% |
| 3 Bedrooms | 533 | 537 | +0.8% |
| 4 Bedrooms | 380 | 370 | -2.6% |
| 5+ Bedrooms | 93 | 93 | 0.0% |
Summary: The Panama City housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 0.8%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 185 | 196 | +5.9% |
Asking Price vs. Sold Price
120 Homes Were Sold
Under Asking
63 Homes Were Sold
At Asking
13 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. 61.2% of homes here sold below asking price last month.
Summary: A total of 196 homes were sold or pending in Panama City in March 2024, up by 5.9% month-over-month. Of the 196 sold homes, 61% were sold under asking, 32% were sold at asking, and 7% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 62 Days | 82 Days | +31.4% |
Summary: Homes in Panama City had an average of 82 days on market in Mar 2024, up by 31.4% compared to last year.
Breakdown of Home Sale Times
69 Homes Were Sold
Under 30 Days
47 Homes Were Sold
In 30 - 90 Days
80 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Panama City are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 196 homes were sold in Panama City; 35% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 41% of homes were sold over 90 days.
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© 2024 Miami Association of REALTORS®. All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®. All information is deemed reliable but not guaranteed by the MLS and should be independently verified. The MLS, this broker and their affiliates provide all content therein “AS IS” and without any warranty, express or implied. The information included in this listing 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. This property is offered without respect to any protected classes in accordance with the law.