Housing in Panama City
Panama City's housing market is the most affordable and the most stable of the four Bay County places covered in this cluster -- a straightforward, year-round-resident market rather than the seasonal, condo-driven volatility seen in Panama City Beach.
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Learn moreA stable, affordable median price
Redfin's June 2026 snapshot put Panama City's median sale price at $306,363, up just 0.4% year over year -- one of the flattest, most stable readings in this Bay County cluster, per the base overview record. This is a single-source figure, not cross-checked against a second provider this pass, though its stability stands in real contrast to the double-digit swings (up or down) seen elsewhere in this same cluster.
A year-round housing stock, not a seasonal one
Unlike Panama City Beach's condo-and-short-term-rental-heavy market, Panama City's housing stock serves a genuine year-round-resident base on the mainland side of Bay County -- a structurally different, more conventional market than its beachfront neighbor, and part of why its price data reads as more stable month to month.
Standard Florida closing rules and the 2026 homestead exemption apply
Standard Florida closing costs run roughly 2%-5% of the purchase price, including the state's documentary stamp tax on the deed ($0.70 per $100 of sale price, customarily seller-paid). File for the homestead exemption promptly after closing on a primary residence -- a combined $51,411 for 2026, made up of a fixed $25,000 slice applying to all levies plus an inflation-indexed $26,411 slice applying to non-school levies -- which also enrolls the property in the Save Our Homes assessed-value growth cap (2.7% for 2026) going forward.
Key takeaways
- Median sale price: $306,363 (Redfin, June 2026), up just 0.4% YoY -- the most affordable and most stable reading among the four Bay County places in this cluster.
- Panama City's housing stock serves a genuine year-round-resident base, structurally different from Panama City Beach's condo/short-term-rental-heavy market.
- Standard Florida closing costs (2%-5% of price) apply; the 2026 homestead exemption totals $51,411 with a 2.7% Save Our Homes cap.
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