Panama City, FL—32404
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 $285,000, with a year-over-year change of -0.7%. This indicates that home prices in Panama City, FL are flat. According to Zillow, the 1-year price projection is 0.5%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $285,000 | -0.7% |
| Single Family | $286,000 | -0.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $164,000 | -6.3% |
3 Bed | $260,000 | -2.3% |
4 Bed | $331,000 | 0.6% |
| 5 Bed | $383,000 | 1.9% |
% of Housing Stock
Rental Trends — Panama City, FL
As of July '25, Rentcast reports the average rent in Panama City, FL is $1,840, with a year-over-year rent change of -1.6%. Per bedroom, the median rent as of July '25 in Panama City, FL is studios: $1,560, 1-bedrooms: $1,100, 2-bedrooms: $1,230, 3-bedrooms: $1,900, 4-bedrooms: $2,390. The most common rental property sizes in Panama City, FL are 2-bedroom and 3-bedroom, accounting for 40.1% and 30.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,900 | $1,840 |
| Studio Rent | $1,560 | $1,560 |
| 1 Bed Rent | $895 | $1,100 |
| 2 Bed Rent | $1,150 | $1,230 |
| 3 Bed Rent | $1,900 | $1,900 |
| 4 Bed Rent | $2,400 | $2,390 |
% 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 69. This is a increase of 5.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $330,000 | 3.0% |
Listing Count | 413 | 28.0% |
| Listings as % of Homes | 2.0% | 28.0% |
Days on Market | 69 | 5.0% |
Demographics — Panama City, FL
As of the latest ACS Survey released in 2023, Panama City, FL has a population of 42,100, which has increased by 5.2% over the past 5 years. Panama City, FL is a moderately popular place for families, as children make up 22.5% of the population. The area has a poorly educated workforce, with 21.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 6.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 42,100 | 5.2% |
% Under 18 | 22.5% | -1.3% |
% Seniors | 15.2% | 9.4% |
% WFH | 6.2% | 121.4% |
% w/ College Degree | 21.1% | 43.5% |
As of the latest ACS Survey released in 2023, Panama City, FL is a predominantly white area, with 68.9% of the population identifying as white. The white population has shrunk by 4.7% in the last 5 years. The second most common race or ethnicity in Panama City, FL is black, making up 12.1% of the population. Foreign-born residents account for 7.0% of the population in Panama City, FL, and this percentage has increased by 32.1% 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 | 68.9% | -4.7% |
% Black | 12.1% | -7.6% |
% Hispanic | 9.5% | 48.4% |
% Asian | 3.1% | -6.1% |
% Foreign Born | 7.0% | 32.1% |
Mortgage and Risk — Panama City, FL
According to HUD data as of 2023, there were 1301 mortgage originations in Panama City, FL, of which 42.0% of loans were conventional mortgages. The average loan-to-value was 80.0%, with 56.0% above 90% LTV (very high). This implies large mortgage risk in Panama City, FL. Investor activity is low, as 2.0% of loans were by investors. 8.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 1,301 |
% Conventional Loans | 42.0% |
% Government Loans | 58.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 8.0% |
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 7.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Panama City, FL, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 324 |
Total Units Section 8 | 323 |
% Rentals under Section 8 | 7.5% |
% Occupied Section 8 | 92.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $395 | $895 | $1,290 |
| 2 Bedroom | $360 | $1,150 | $1,510 |
| 3 Bedroom | $110 | $1,900 | $2,010 |
| 4 Bedroom | $140 | $2,400 | $2,540 |
Affordability — Panama City, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $285,000 |
| Median Household Income | $72,200 |