Panama City Housing Market Report December 2024•Bay County, Florida

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Housing Prices in Panama City, FL

How much do homes in Panama City, FL cost?

Housing Market Conditions

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

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Panama City is a Buyer's Market

Difference Since December 2023

At the same time last year, Panama City was a Seller's Market.

Insight

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

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$339,456$202/SqFt
-$4,228
-1.2%

Based on all homes sold in the last 12 months

Insight

Homes in Panama City have sold for 1.2% less than they did a year ago.

Summary: The median home sold price in Panama City was $339,456 in December 2024, down 1.2% from last year, and the median price per square foot was $202.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Springfield
+4.0%
Lynn Haven
0.3%
Youngstown
-0.4%
Panama City
-1.2%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$345K$315K
-8.7%
2$369.7K$345K
-6.7%
3$308.7K$304.3K
-1.4%
4$353.9K$369.7K
+4.5%
5$414.5K$529.5K
+27.7%

Summary: Panama City housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes decreased by -8.7%. The home price for 2 bedroom homes decreased by -6.7%. The home price for 3 bedroom homes decreased by -1.4%. The home price for 4 bedroom homes increased by +4.5%. The home price for 5 bedroom homes increased by +27.7%.

Housing supply in Panama City, FL

How many homes are available in Panama City, FL?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
1,532Last MonthDec 2024
1,5542 months agoNov 2024
-1.4 %
Change MoMNov – Dec

Summary: The Panama City real estate market had 1,532 homes for sale in Dec 2024, a 1.4 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
196Last MonthDec 2024
1702 months agoNov 2024
+15.3 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
1196198
+1.0%
2290290
0.0%
3661646
-2.3%
4311295
-5.1%
596103
+7.3%

Summary: Panama City housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes increased by +1.0%. The inventory for 2 bedroom homes remained the same. The inventory for 3 bedroom homes decreased by -2.3%. The inventory for 4 bedroom homes decreased by -5.1%. The inventory for 5 bedroom homes increased by +7.3%.

Asking Price vs. Sold Price

How much do homes in Panama City, FL cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price11 Homes

At Asking Price39 Homes

Under Asking Price146 Homes

Insight

If you're buying a home in Panama City, you may be able to get a good deal. 74.5% of homes here sold below asking price last month.

Summary: A total of 196 homes were sold or pending in Panama City in December 2024, up by 15.3% month-over-month. Of the 196 sold homes, 74% were sold under asking, 20% were sold at asking, and and 6% were sold over asking.

Days on Market for Panama City, FL

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

Breakdown of Home Sale Times

Under 30 Days73 Homes

30 – 90 Days59 Homes

Over 90 Days64 Homes

Insight

Many homes in Panama City are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 196 homes were sold in Panama City; 37% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
79 DaysThis YearDec 2024
69 Days1 year agoDec 2023
+13.9 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Panama City had an average listing age of 79 days in Dec 2024, up by 13.9% compared to the previous year.

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Newest Listings in Panama City, FL

What homes are available in Panama City, FL?

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MLS Disclaimers and Copyright

Based on information from Central Panhandle Association of REALTORS® MLS, Emerald Coast MLS, Stellar MLS, Miami MLS, and Pensacola MLS for the period 01/01/2023 - 01/01/2025

IDX The data relating to real estate for sale on this web site comes in part from the Internet Data exchange program of Central Panhandle Association of REALTORS®. IDX information 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. Information deemed reliable but not guaranteed. Properties subject to prior sale, change, withdrawal or rental. Copyright© 2025 Central Panhandle Association of REALTORS.© All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/26/2025, 3:20:52 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX Information Deemed Reliable but not guaranteed. The information being provided is 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. All listings are provided courtesy of the Emerald Coast Association of Realtors, Copyright 2025. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/25/2025, 11:50:56 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.

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Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/25/2025, 10:49:50 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX © 2025 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.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/26/2025, 3:20:48 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Copyright © 2025 by the Multiple Listing Service of the Pensacola Association of REALTORS® This information is believed to be accurate but is not guaranteed. Subject to verification by all parties. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.This data is copyrighted and may not be transmitted, retransmitted, copied, framed, repurposed, or altered in any way for any other site, individual and/or purpose without the express written permission of the Multiple Listing Service of the Pensacola Association of REALTORS®. Florida recognizes single and transaction agency relationships. Information Deemed Reliable But Not Guaranteed. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/25/2025, 11:55:53 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.