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.
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
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
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
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.