Bay County · 32401
Downtown Panama City
The most affordable market we track — a median of $240,000, and the one part of the county still being rebuilt into something new.
The Historic Core
Where the county is cheapest, and changing fastest
32401 covers downtown Panama City and the older neighbourhoods around it. It is the lowest-priced market in the county by a clear margin — a median sold price of $240,000 against $349,000 a few miles north in 32405.
It is also the slowest of the three Bay County markets we track, at 57 days to contract. Not slow in absolute terms — Destin runs 88 — but worth knowing if you are pricing here.
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 Downtown Panama City over the last 12 months. Source: MLS, as of 31 August 2026.
Closed sales by quarter
Homes closed each quarter in Downtown Panama City, Q4 '25 – Q2 '26. Source: Emerald Coast MLS. Complete quarters only.
Median sold price by quarter
Median sold price by quarter in Downtown Panama City, Q4 '25 – Q2 '26. Source: Emerald Coast MLS. Complete quarters only.
The gap between asking and selling
Homes here sold at roughly $197 a square foot over the past year. Sellers are currently asking about $231. That is the widest gap of the three markets we track in Bay County, and it explains the 57 days better than anything else.
Sold-to-list came in at 97.1% — so the houses that sell, sell close to asking. The ones priced off that $197 reality are the ones sitting.
Experience Counts
Buying or selling downtown?
We have worked this county for years and we will price it on what sold, not what is listed.