Panama City, FL—32405
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 $290,000, with a year-over-year change of -2.1%. This indicates that home prices in Panama City, FL are decreasing. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $290,000 | -2.1% |
| Single Family | $291,000 | -0.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $188,000 | -5.1% |
3 Bed | $275,000 | -1.1% |
4 Bed | $401,000 | 0.5% |
| 5 Bed | $628,000 | 1.0% |
% of Housing Stock
Rental Trends — Panama City, FL
As of July '25, Rentcast reports the average rent in Panama City, FL is $1,730, with a year-over-year rent change of -7.0%. Per bedroom, the median rent as of July '25 in Panama City, FL is studios: $972, 1-bedrooms: $1,490, 2-bedrooms: $1,380, 3-bedrooms: $2,000, 4-bedrooms: $2,370. The most common rental property sizes in Panama City, FL are 2-bedroom and 3-bedroom, accounting for 36.0% and 33.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,600 | $1,730 |
| Studio Rent | $950 | $972 |
| 1 Bed Rent | $1,360 | $1,490 |
| 2 Bed Rent | $1,350 | $1,380 |
| 3 Bed Rent | $1,980 | $2,000 |
| 4 Bed Rent | $2,400 | $2,370 |
% 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 86. This is a increase of 12.0% 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 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $345,000 | 10.0% |
Listing Count | 223 | 3.0% |
| Listings as % of Homes | 1.1% | 3.0% |
Days on Market | 86 | 12.0% |
Demographics — Panama City, FL
As of the latest ACS Survey released in 2023, Panama City, FL has a population of 29,300, which has decreased by -8.5% over the past 5 years. Panama City, FL is a moderately popular place for families, as children make up 23.0% of the population. The area has a moderately educated workforce, with 29.4% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 29,300 | -8.5% |
% Under 18 | 23.0% | 4.5% |
% Seniors | 17.5% | 2.3% |
% WFH | 9.2% | 384.2% |
% w/ College Degree | 29.4% | 17.6% |
As of the latest ACS Survey released in 2023, Panama City, FL is a predominantly white area, with 67.3% of the population identifying as white. The white population has shrunk by 6.5% in the last 5 years. The second most common race or ethnicity in Panama City, FL is black, making up 17.1% of the population. Foreign-born residents account for 7.0% of the population in Panama City, FL, and this percentage has decreased by 7.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 67.3% | -6.5% |
% Black | 17.1% | 22.1% |
% Hispanic | 6.6% | -13.2% |
% Asian | 1.0% | -50.0% |
% Foreign Born | 7.0% | -7.9% |
Mortgage and Risk — Panama City, FL
According to HUD data as of 2023, there were 612 mortgage originations in Panama City, FL, of which 63.0% of loans were conventional mortgages. The average loan-to-value was 71.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Panama City, FL. Investor activity is low, as 5.0% 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 | 612 |
% Conventional Loans | 63.0% |
% Government Loans | 37.0% |
% Investor Loans | 5.0% |
% 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 13.1%. 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 | 671 |
Total Units Section 8 | 624 |
% Rentals under Section 8 | 13.1% |
% Occupied Section 8 | 92.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $20 | $1,360 | $1,380 |
| 2 Bedroom | $270 | $1,350 | $1,620 |
| 3 Bedroom | $170 | $1,980 | $2,150 |
| 4 Bedroom | $320 | $2,400 | $2,720 |
Affordability — Panama City, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.1 |
| Median Home Price | $290,000 |
| Median Household Income | $71,000 |