Panama City, FL—32401
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Panama City, FL
As of Oct '25, the median home price in Panama City, FL is $208,000, with a year-over-year change of -4.8%. This indicates that home prices in Panama City, FL are decreasing. According to Zillow, the 1-year price projection is 0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $208,000 | -4.8% |
| Single Family | $202,000 | -4.3% |
| Condos | $308,000 | -4.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $145,000 | -8.8% |
2 Bed | $164,000 | -6.8% |
3 Bed | $221,000 | -3.9% |
4 Bed | $321,000 | 0.6% |
| 5 Bed | $483,000 | -0.4% |
% of Housing Stock
Rental Trends — Panama City, FL
As of July '25, Rentcast reports the average rent in Panama City, FL is $1,540, with a year-over-year rent change of -3.1%. Per bedroom, the median rent as of July '25 in Panama City, FL is studios: $1,000, 1-bedrooms: $1,190, 2-bedrooms: $1,440, 3-bedrooms: $1,710, 4-bedrooms: $1,800. The most common rental property sizes in Panama City, FL are 2-bedroom and 3-bedroom, accounting for 47.2% and 28.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,540 |
| Studio Rent | $1,150 | $1,000 |
| 1 Bed Rent | $1,200 | $1,190 |
| 2 Bed Rent | $1,300 | $1,440 |
| 3 Bed Rent | $1,800 | $1,710 |
| 4 Bed Rent | $1,750 | $1,800 |
% of Rental Stock
Property Listings — Panama City, FL
As of Oct '25, Realtor.com reports that the median days on market for a home in Panama City, FL is 85. This is a increase of 1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 34.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $265,000 | -2.0% |
Listing Count | 185 | 22.0% |
| Listings as % of Homes | 1.0% | 22.0% |
Days on Market | 85 | 1.0% |
Demographics — Panama City, FL
As of the latest ACS Survey released in 2023, Panama City, FL has a population of 18,400, which has decreased by -18.5% over the past 5 years. Panama City, FL is a moderately popular place for families, as children make up 18.7% of the population. The area has a poorly educated workforce, with 19.9% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 18,400 | -18.5% |
% Under 18 | 18.7% | -10.1% |
% Seniors | 19.0% | -2.6% |
% WFH | 6.9% | 228.6% |
% w/ College Degree | 19.9% | 7.6% |
As of the latest ACS Survey released in 2023, Panama City, FL is a predominantly white area, with 60.3% of the population identifying as white. The white population has shrunk by 1.1% in the last 5 years. The second most common race or ethnicity in Panama City, FL is black, making up 23.3% of the population. Foreign-born residents account for 9.4% of the population in Panama City, FL, and this percentage has increased by 108.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 60.3% | -1.1% |
% Black | 23.3% | -15.0% |
% Hispanic | 11.0% | 74.6% |
% Asian | 1.7% | 41.7% |
% Foreign Born | 9.4% | 108.9% |
Mortgage and Risk — Panama City, FL
According to HUD data as of 2023, there were 289 mortgage originations in Panama City, FL, of which 65.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Panama City, FL. Investor activity is low, as 8.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 289 |
% Conventional Loans | 65.0% |
% Government Loans | 35.0% |
% Investor Loans | 8.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Panama City, FL
As of 2024, the percent of homes in Panama City, FL under the Section 8 program is 18.8%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Panama City, FL, because HUD payments exceed market rent, while 1-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 986 |
Total Units Section 8 | 708 |
% Rentals under Section 8 | 18.8% |
% Occupied Section 8 | 93.9% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$30 | $1,200 | $1,170 |
| 2 Bedroom | $80 | $1,300 | $1,380 |
| 3 Bedroom | $60 | $1,800 | $1,860 |
| 4 Bedroom | $580 | $1,750 | $2,330 |
Affordability — Panama City, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $208,000 |
| Median Household Income | $49,900 |