$3,539 Closing Credit*
$298,000
1,405 SqFt
3 Beds
•2 Full Baths
Listing Office: Keller Williams Success Realty
Is Panama City, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$339,477
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$796(-0.2%)
Key Takeaway
The sold price of homes in Panama City has remained the same since last year.
Summary: The median home sold price in Panama City was $339,477 in October 2024, down 0.2% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $345.3K | $315K | -8.8% |
| 2 Bedrooms | $375K | $339.1K | -9.6% |
| 3 Bedrooms | $300.3K | $301.2K | 0.3% |
| 4 Bedrooms | $356.7K | $369.8K | +3.7% |
| 5+ Bedrooms | $424K | $522.8K | +23.3% |
Summary: Panama City housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.8%, 2 bedroom homes decreased by 9.6%, 3 bedroom homes increased by 0.3%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 23.3%.
Median Sold Price Compared To Nearby Cities
| Springfield | $235K | $264K | +12.3% |
| Lynn Haven | $341.2K | $354.9K | +4.0% |
| Youngstown | $279K | $283K | +1.4% |
| Panama City | $340.2K | $339.4K | -0.2% |
Housing Supply in Panama City, FL
How many homes are available in Panama City, FL?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 1,753 | 1,724 | -1.7% |
Summary: The Panama City real estate market had 1,724 homes for sale in October 2024, a 1.7% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 224 | 228 | +1.8% |
| 2 Bedrooms | 335 | 337 | +0.6% |
| 3 Bedrooms | 727 | 705 | -3.0% |
| 4 Bedrooms | 353 | 342 | -3.1% |
| 5+ Bedrooms | 114 | 112 | -1.8% |
Summary: The Panama City housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 1.8%, 2 bedroom homes increased by 0.6%, 3 bedroom homes decreased by 3%, 4 bedroom homes decreased by 3.1%, and 5+ bedroom homes decreased by 1.8%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 192 | 194 | +1.0% |
Asking Price vs. Sold Price
138 Homes Were Sold
Under Asking
40 Homes Were Sold
At Asking
16 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. 71.1% of homes here sold below asking price last month.
Summary: A total of 194 homes were sold or pending in Panama City in October 2024, up by 1.0% month-over-month. Of the 194 sold homes, 71% were sold under asking, 21% were sold at asking, and 8% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 60 Days | 77 Days | +28.1% |
Summary: Homes in Panama City had an average of 77 days on market in Oct 2024, up by 28.1% compared to last year.
Breakdown of Home Sale Times
74 Homes Were Sold
Under 30 Days
52 Homes Were Sold
In 30 - 90 Days
68 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Panama City are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 194 homes were sold in Panama City; 38% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 35% of homes were sold over 90 days.
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