Bay County · The Mainland City
Panama City
Where you buy a house instead of a condo — and pay about $160,000 less than you would at the beach.
The One Number That Defines It
A $160,000 gap, ten minutes apart
The median asking price in Panama City proper is $289,000. Ten minutes down the road in Panama City Beach it is $449,000. Same county, same water, same schools district — and a different market entirely.
The other half of the difference is what you are buying. 64% of what is listed here is a house. At the beach it is 35% — the rest is condos. If you want a yard, a garage and a street rather than a floor number, this is where that exists on this side of the bay.
What Is On The Market
437 listings in 32401 and 32405
Everything currently for sale in the two downtown-and-around zip codes, by type. Asking prices as of today.
Houses
Condo & attached
Land & commercial
Downtown
A real downtown, still being put back together
Panama City was incorporated in 1909 and it has the bones to show for it — brick streets, painted signs that have been there since Tom’s Hot Dogs opened in 1931, and the Martin Theatre still on Harrison Avenue.
Michael took a great deal of it in 2018 and the rebuilding has been slow and uneven. That is the honest picture, and it is also the opportunity: scaffolding and construction hoarding sit next to restored storefronts, and prices still reflect the work that is left rather than the work that is done.
Where We’ve Been
873 sales in the last twelve months
Panama City · 32401 & 32405
For comparison
At $199 a square foot against the beach’s condo market, this is the most house per dollar anywhere in Bay County that is still ten minutes from the water.
On The Market Now
Panama City homes for sale today
Live from both MLS boards, updated as listings come and go.
for sale now
asking price
under contract
rental-allowed
Short-term rental permission is decided by the HOA and can be further restricted on an individual property by its deed. This figure reflects how listings are marked in the MLS, not what any particular home is allowed to do — always have it verified before counting on rental income.
past 12 months
sold price
on market
price ratio
Closed sales in Panama City over the last 12 months. Source: MLS, as of 31 August 2026.
Closed sales by quarter
Homes closed each quarter in Panama City, Q4 '25 – Q2 '26. Source: Emerald Coast MLS. Complete quarters only.
Median sold price by quarter
Median sold price by quarter in Panama City, Q4 '25 – Q2 '26. Source: Emerald Coast MLS. Complete quarters only.
Currently for sale in Panama City
See all 443 listings in this area →
Counts Real Estate Group
Courtesy of Keller Williams Realty Emerald Coast · Heather A Cole · 850-654-2900
MLS® Disclaimer
Listing data provided by: Central Panhandle Association of Realtors (CPAR). Information deemed reliable but not guaranteed. The information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. © 2026 Central Panhandle Association of REALTORS®
Listing data last updated 2026-09-15 20:13:07.
Worth Knowing
Three things about buying here
1. Ask about the roof and the insurance, first not last. After 2018 a great many roofs in this city are newer than the houses under them — which is good — but insurance history varies enormously street to street. Get the claims record and a premium quote before you get attached.
2. Flood zone is a street-level question, not a city-level one. Panama City runs from the bay up into higher ground, and two houses a few blocks apart can sit in completely different zones with completely different premiums.
3. Know whether you are buying the finished version or the work in progress. Some blocks are fully back; others are still waiting. Both are on the market at once, and the difference is not always obvious from the photographs.
Team Turner · Counts Real Estate Group
We work this side of the bridge too
Counts is a Bay County company and Panama City is home ground. If you are weighing the city against the beach, we can show you honestly what the same money buys on each side.