Is Panama City, FL 32404 a buyer’s or seller’s market?
Panama City is a balanced market. With about 4.4 months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.
More competitive than 14% of U.S. ZIP codes, and #390 of 796 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Panama City housing market right now
In the three months ending August 31, 2026, 5% of homes in Panama City, FL 32404 sold above their list price, the typical home went under contract in 82 days and there were 4.4 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 322 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 15%, homes sold more slowly (57 days then) and the median sale price fell 11% to $294,872. Overall, Panama City is less competitive than a year ago, which gives buyers more room.
Within Bay County, homes here sell more slowly than in 75% of the county’s ZIP codes, and sell less often over asking than in 75%. On our competition score, Panama City ranks #390 of 796 FL ZIP codes with enough sales (score 20 out of 100).
Nearby, Youngstown 32466 (28% sold over asking) and Panama City 32409 (11% sold over asking) are even more competitive.
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Nearby markets
Fountain 32438 — /sq ftLynn Haven 32444Balanced $199 /sq ftPanama City 32401Buyer’s market $197 /sq ftPanama City 32405Balanced $196 /sq ft Browse all markets →Towns like Panama City nearby
Find towns like Panama City in other states →Where Panama City is
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Questions about Panama City real estate
Is Panama City a buyer’s or seller’s market?
A balanced market: there were 4.4 months of supply in Panama City, FL 32404 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Panama City?
The typical home went under contract in 82 days in the latest three months.
Do homes in Panama City sell over asking?
5% of homes sold above their original list price, and the typical sale closed at 98.3% of the list price.
What are property taxes in Panama City?
About 0.58% of a home’s value a year in Bay County, or roughly $2,320 on a $400,000 home.
What is the median home price in Panama City?
The median sale price was $294,872 in the three months ending August 31, 2026, about $177 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology