Cove Terrace
Homes for Sale in Panama City, FL
All 253 homes for sale in Panama City, FL · median $349,900 · 115 homes for sale in 32401 · Bay County homes for sale
True comps, carrying-cost math, and listings before the portals.
Market Heat
Photo via CPAR MLS
As of October 2026, Cove Terrace in Panama City, FL has 4 homes for sale and 2 pending, asking from $212,900 to $420,000 (median $301,950). Over the 12 months ending 2026-09-20, 19 recorded sales closed at a median of $345,000, a median 53 days on market, sellers accepting 96% of original asking (+6% versus the prior year). Homes listed or recently sold were built 1949–1952; none of the 6 geocoded homes sit in a FEMA special flood hazard zone (median elevation 23 ft). At the median price and Bay County's FY2025-26 rate of 12.28 mills, annual property tax runs about $4,240 ($3,750 with the full homestead exemption).
Last 30 days in Cove Terrace: 3 new listings (median asking $324,900), 2 under contract right now. As of October 17, 2026, Listing information provided by the Central Panhandle Association of REALTORS®. Information is deemed reliable but not guaranteed by the MLS to be accurate.
Homes For Sale Right Now in Cove Terrace
Live MLS inventory for Cove Terrace. Every active listing, what is under contract right now, and the last 12 months of closed sales, refreshed twice a day. Closed comps beat an algorithm's guess every time.
Active and pending Cove Terrace listings as of 2026-10-14, priced high to low. Listing information provided by the Central Panhandle Association of REALTORS®. Information is deemed reliable but not guaranteed by the MLS to be accurate. Tap any home to ask about it.
Cove Terrace is an older pocket of Panama City — the median home dates to 1951, though the range runs all the way to 2024, so buyers are pricing a mix of legacy construction and newer infill on the same streets. That spread is what makes condition, not just location, the swing factor on value here. At a median 1,577 square feet, these are modest-footprint homes, and the $334,000 median price reflects a market where renovation level and lot specifics move the number more than square footage alone.
A market heat score of 37 and median days on market of 81 point to a slower-moving, buyer-patient environment — homes are not getting snapped up on day one. With only 19 closings in the current window, this is a thin market where a single sale can shift the comps, so pricing and offer strategy both need to be built on current activity, not last quarter's headline number. The 7.1% year-over-year gain shows values are still moving up despite the slower pace.
Cove Terrace right now
🟡 Still climbing. The trailing-12-month median ($345K) is up 6.2% from the prior 12 months ($325K). With about 20 sales a year, a single closing can swing this number, so read the level and the decade, not one year's move.Momentum Research, record-level CPAR MLS closed sales, 12-month windows ending September 20. Confidence: High (19 and 20 sales in the two windows).
Jump to: Price history & scorecard · Homes for sale · Schools · FAQ
· Updated October 16, 2026 · Live data: CPAR MLS, refreshed twice daily · MLS facts carry their source; interpretation lines are Momentum Research · Data sources & freshness
The 60-Second Overview
Cove Terrace market snapshot (as of September 20, 2026): the median sale price is about $345K, and a median 53 days on market for closed sales. The trailing-12-month median is up 6% from the prior 12 months, computed from record-level CPAR MLS closed sales (19 closings in the current window).
In ZIP 32401 (Panama City), 337 homes closed in the last 12 months at a median of $307K, up 0.5% year over year, with a median 62 days on market. Right now 166 active and 29 pending listings — a buyer's market. See the live ZIP 32401 housing market and the Bay County market.
CPAR sales records identify 32 homes in Cove Terrace that have changed hands since 2006, built between 1947 and 2021 (median 1952), with a median living area of about 1,897 sq ft and a typical 3-bedroom, 2-bath layout. Source: CPAR closed-sale history compiled by Momentum Research; counts reflect homes with a recorded MLS sale, not every home in the community.
Cove Terrace sits in Panama City, Bay County, with a housing stock that spans over a century of construction — a mix that rewards buyers who scrutinize individual homes rather than assuming a uniform product across the community.
The setting & the homes.
Aerial and on-site photos of Cove Terrace. Swipe to explore the community.
Swipe or use the arrows → tap any photo to enlarge
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Cove TerracePhotos from CPAR MLS listings in Cove Terrace; content deemed reliable but not guaranteed.
Who Cove Terrace is best for.
Best for
- Buyers comfortable inspecting and budgeting for an older home's condition rather than assuming turnkey construction.
- Buyers targeting a moderate purchase price near the $334,000 median in Bay County.
- Sellers prepared for a realistic marketing period given the median 81 days on market.
Probably not for
- Buyers who want move-in-ready certainty without a home inspection contingency.
- Buyers expecting a fast, high-volume market — only 19 closings in the current window signals limited comparable data.
- Buyers set on new or near-new construction throughout the community, since the median build year is 1951.
Price History: What Homes Here Have Actually Sold For
Median sale price over the trailing 12 months ending September 20 of each year, from record-level CPAR MLS closed sales. Same methodology as every appreciation figure on this page: the 2026 point ($345K) IS the median in the snapshot above, and the move from 2025 ($325K) IS the +6.2% one-year change.
Windows contain 2 to 27 sales each (19 in the current window); every figure carries its sample size, and thin markets swing on single closings. Listing information provided by the Central Panhandle Association of REALTORS®. Information is deemed reliable but not guaranteed by the MLS to be accurate. Deemed reliable but not guaranteed.
16% of homes for sale in ZIP 32401 are already under contract (under contract ÷ under contract + active listings) — a read on how much of the available inventory buyers have already claimed. Source: MLS data (2026-10-17).
Cove Terrace Market Scorecard
Cove Terrace is currently a balanced market., a median asking price of $289,500, and homes go under contract in about 28 days.
Go deeper: ZIP market scorecard · county scorecard · true cost calculator · affordability calculator.
Live data: CPAR MLS, refreshed twice daily. Market metrics only; these describe homes for sale and recent sales, not residents.
Cove Terrace on the map.
Every active, pending, and recently sold home, plotted. Toggle the layers and tap a home for the details.
Listing locations from CPAR MLS. Map data © OpenStreetMap contributors.
The Cove Terrace buying strategy.
If we were buying in Cove Terrace today, this is the order of operations we would run for our clients.
Underwrite the condition first. Price the roof, HVAC, and systems honestly before judging any list price; condition swings value here more than square footage alone.
Match the home to real comps. Recent sales of similar condition and lot, not the asking price, tell you what a home is worth.
Move deliberately, not desperately. Neither side has a decisive edge, so a well-prepared, fairly-priced offer wins without overpaying.
Line up financing and inspection early. A pre-approval and an inspection plan let you act fast and negotiate from evidence.
Keep an agent in your corner. The listing agent works for the seller; we represent you and prepare a hand-built valuation before any offer in Cove Terrace.
Older stock, uneven condition, real upside
The defining fact about Cove Terrace is its age spread: a median build year of 1951 against a range that stretches to 2024. That means a buyer touring the community will see homes that have been fully updated sitting near others that have not been touched in decades. The $334,000 median doesn't tell you which one you're looking at — it's an average across very different renovation states, so due diligence on individual systems (roof, electrical, plumbing) matters more here than in a newer, more uniform subdivision.
With 708 homes in the community and just 19 closings in the current window, transaction volume is modest relative to inventory. Combined with a median 81 days on market, this reads as a market where well-priced, well-presented homes sell but don't move instantly — sellers should expect a real marketing period, and buyers who move decisively on a correctly priced, updated home have room to negotiate on the ones that aren't. The 52.2% homestead share suggests a community with a solid base of long-term owners alongside room for turnover, which tends to support steady rather than speculative pricing.
The location and the amenities are priced into every listing in Cove Terrace. The deal is won or lost on condition, the comps, and the renovation math.
Why work with Momentum here
In a community with this much age variance and this little closing volume, pricing a listing or structuring an offer requires reading the actual comps, not a generic neighborhood average. We track what's moved in the current window, weigh renovation condition against the median build year, and price accordingly — whether that means positioning an updated home to compete or advising a seller to invest in specific repairs before listing.
Cove Terrace in 15 seconds.
What it really costs to own in Cove Terrace
The parts of the monthly number a mortgage calculator leaves out, from the tax roll, the MLS, Citizens and FEMA. Property facts only.
| Property tax | Current owners' bills run a median of $3,550/yr across 12 listings here (MLS tax records, 2026-10-16). |
|---|---|
| Home and flood insurance | The average Citizens Property Insurance premium in Bay County is $1,928/yr (1,264 policies, Citizens detail by county, April 2026); private-market quotes depend on roof age, wind mitigation and construction. |
| Roof and age | Median build year 1950 across 12 listings. An original roof here would be about 76 years old; under Florida's 2022 reform (SB 2-D) carriers may require an inspection past 15 years, so budget for a roof report, and for replacement where it fails. |
Email me new listings in Cove Terrace
One e-mail a day, only when a home lists here, with price, beds, baths and a link to every listing. Straight from the MLS feed; no account needed.
Ask an agent about Cove Terrace
Have a question about the homes, fees, rules or commute here? A Momentum agent who works Cove Terrace will answer, and the answer is published on this page for the next buyer.
HOA, CDD & Fees
- HOA status not on record. Verify any dues before you offer
- Any club/amenity membership is billed separately
Confirm the current HOA dues, exactly what they cover, and any CDD bond or special assessment for a specific address before you offer.
Tools for a Cove Terrace buy.
Free calculators to pressure-test the real cost before you tour.
Selling here is won on condition and pricing to real comps, not an automated estimate. The right number comes from closed Cove Terrace sales matched to your home.
Price it to the comps and condition, not an automated estimate.
If you are thinking about selling in Cove Terrace, the right list price comes from recent comparable sales matched to your home's condition and location, not an automated estimate.
What is your Cove Terrace home worth?
Get a no-obligation home value based on real comparable sales in Cove Terrace, not an automated guess. Tell us about your home and we will personally prepare your numbers and a pricing strategy. No obligation, no spam.
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Recently off market in Cove Terrace
Homes in Cove Terrace that recently left the market. Each address opens its public-record profile: county-recorded value, property taxes, the last recorded sale, community sales history, and what is for sale nearby now. 6 on record.
- 106 N Marie Drive · off market
- 1211 Dewitt Street · off market
- 1401 Dewitt Street · off market
- 1809 Dewitt Street · off market
- 808 E 3rd Street · off market
- 901 E 2nd Plaza · off market
| Location | Panama City, Bay County, FL · ZIP 32401, 32444 |
|---|---|
| Home types (current listings and sales) | singlefamilyresidence 100% |
| Sale prices, last 12 months | $345,000 median across 19 closed sales · +6.2% vs the prior 12 months |
| Days on market (closed sales) | 53 median |
| For sale right now | 4 active, 0 pending · median asking $289,500 |
Data as of September 20, 2026. Listing information provided by the Central Panhandle Association of REALTORS®. Information is deemed reliable but not guaranteed by the MLS to be accurate. Market figures describe homes, not residents. Cite as: Momentum Realty, “Cove Terrace key facts,” movewithmomentum.com/neighborhoods/cove-terrace, data as of September 20, 2026.
Housing distress & ownership in Cove Terrace, Panama City
Who owns here, how much is not owner-occupied, and how much for-sale inventory is under distress.
Source: Momentum Realty Research. Ownership & parcels from the FL DOR 2025 tax roll; distress from MLS active-listing status/remarks; price from MLS closed sales. Listing information provided by the Central Panhandle Association of REALTORS®. Information is deemed reliable but not guaranteed by the MLS to be accurate. Deemed reliable but not guaranteed.
Just listed in Cove Terrace
The newest homes for sale in Cove Terrace right now, newest first. Each link opens the full listing with every photo, the price history and a tour request.
- 118 N Gayle Avenue, Panama City, FL 32401 $324,900 · 3 bd · 2 ba · new today Courtesy of CENTURY 21 Commander Realty
- 901 E 2Nd Place, Panama City, FL 32401 $212,900 · 3 bd · 2 ba · 17 days on market Courtesy of Joseph Walter Realty LLC
- 112 N Gayle Avenue, Panama City, FL 32401 $420,000 · 4 bd · 2 ba · 28 days on market Courtesy of Foundation Real Estate Agency LLC
- 111 N Marie Drive, Panama City, FL 32401 $279,000 · 3 bd · 1 ba · 84 days on market Courtesy of Barbee Beach House Realty
Checked against the MLS Oct 16, 2026. All new listings in this market.
Every Home for Sale in Cove Terrace Right Now (6)
All 6 active and pending Cove Terrace listings with a detail page, newest first, refreshed twice a day from the MLS.
- 118 N Gayle Avenue, Panama City, Fl 32401 · $324,900 · 3 bd / 2 ba · listed Oct 5, 2026 · listed by CENTURY 21 Commander Realty
- 904 E 2nd Court, Panama City, Fl 32401 · $429,000 · 3 bd / 4 ba · pending · listed Sep 28, 2026 · listed by Corcoran Reverie
- 112 N Gayle Avenue, Panama City, Fl 32401 · $420,000 · 4 bd / 2 ba · listed Aug 31, 2026 · listed by Foundation Real Estate Agency LLC
- 107 N Claire Drive, Panama City, Fl 32401 · $300,000 · 4 bd / 2 ba · pending · listed Aug 29, 2026 · listed by ERA Neubauer Real Estate Inc
- 901 E 2nd Place, Panama City, Fl 32401 · $214,900 · 3 bd / 2 ba · listed Aug 18, 2026 · listed by Joseph Walter Realty LLC
- 111 N Marie Drive, Panama City, Fl 32401 · $279,000 · 3 bd / 1 ba · listed Jul 17, 2026 · listed by Barbee Beach House Realty
More Panama City home searches
Streets in this community
Street-level pages: every home on record, what sold and what is for sale on each street.
- Cherry Street (1 homes on record)
Recent Developments in Cove Terrace
Development, infrastructure, retail, and school activity affecting Cove Terrace, tracked by our team and summarized from public reporting and official sources, with links to the original coverage. Last updated October 2026.
- September 2026Retail & Dining
Panama City meets Houston developer interested in part of Panama City Mall site
Panama City officials met a Houston developer interested in buying a portion of the largely vacant Panama City Mall, owned by Hendon Properties, with a retail focus. Discussions covered rezoning, possible CRA participation and plan submittal. The mayor called the FDOT US 231 widening, planned to six lanes from US 98 to SR 20, the biggest holdup.
What it may mean for the marketPossible retail redevelopment of a large vacant site could add shopping options near the US 231 corridor, with timing tied to road widening and rezoning. The site is about 3 miles north of Cove Terrace.
Source: WJHG - August 2026Development
Deal reached to redevelop historic Panama City Grammar School into apartments and townhomes
Panama City reached a deal for developer Zachary Seymour to buy the 1914 Panama City Grammar School on East Seventh Street and convert it to apartments and townhomes. The city would waive about $375,000 in code fines and a $100,000 CRA grant is pending approval. Seymour has one year to finish structural repairs to roofs, windows and doors.
What it may mean for the marketReuse of a vacant historic building would add downtown-area residential units and remove a long-standing vacant property. The site is about 1 mile east of Cove Terrace.
Source: WJHG - August 2026Infrastructure
HCA Florida Gulf Coast Hospital announces $125 million expansion
HCA Florida Gulf Coast Hospital announced a $125 million expansion on its 23rd Street campus, including a new patient tower with 34 additional beds, a 16-bed orthopedic and spine unit, a fourth cath lab, an expanded women's center and a 5,000-square-foot outpatient entrance expansion. The project is in design, with construction of 24 to 36 months and completion targeted for 2029.
What it may mean for the marketAdded hospital capacity and specialty services would improve local healthcare access and add medical-sector employment along the 23rd Street corridor. The site is about 1 mile north of Cove Terrace.
Source: WJHG - August 2026Infrastructure
Bay County approves $13.5 million water treatment plant expansion
Bay County commissioners approved a $13.5 million contract with NCMC Construction to add three large sand filters (30 by 50 feet each) to the county water treatment plant, which now runs 11 filters. Construction is expected to start soon and take about a year, and officials say water bills should not rise because of it.
What it may mean for the marketAdded filtration and backup capacity supports water service reliability for a county where demand has more than doubled in 15 years. The site is about 8 miles northeast of Cove Terrace.
Source: WJHG - July 2026Civic
Panama City approves 12-month moratorium on AI data centers
Panama City commissioners unanimously approved a 12-month pause on AI data centers in certain areas, following a six-month restriction adopted by Bay County the prior week. The city said it will use the period to study data center operations and revisit how they fit into local zoning and land-use rules.
What it may mean for the marketA temporary pause shapes where data centers can locate while the city reviews zoning and land-use standards. The site is about 1 mile east of Cove Terrace.
Source: WJHG News Channel 7 - June 2026Infrastructure
Panama City moves downtown marina slip construction to bid, ends City Marina Partners deal
Panama City put the first 50 boat slips at the Downtown Marina out for contractor bids, with construction expected to begin shortly after a contract is awarded and the bid window closing June 16. Commissioners also ended their working relationship with City Marina Partners and budgeted payment for work already completed.
What it may mean for the marketProgress on downtown marina slip construction advances waterfront infrastructure in the Panama City core. The site is less than a mile east of Cove Terrace.
Source: WJHG News Channel 7
Summaries reflect public reporting and official sources linked above as of the dates shown. Project details, timelines, and approvals can change. Commentary on potential market effects is general observation, not investment advice or a prediction for any specific property. For the freshest items across the whole region, see This Week in Northeast Florida.
Frequently Asked Questions
What is the median home price in Cove Terrace?
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Where is Cove Terrace, and what county is it in?
Should you buy in Cove Terrace?
An honest fit check. We will tell you when it is not your community.
Data sources & freshness
| Live listings | CPAR MLS, refreshed twice daily (last: October 14, 2026) |
| Community market stats | CPAR MLS closed sales, 12-month windows ending September 20, 2026 |
| Under-contract shares | CPAR MLS records, as of 2026-09-20 |
| Historical depth | Closed-sale records back to 2012 (274 transactions analyzed) |
Verify the primary sources yourself: Florida DOR · U.S. Census · FEMA flood maps · Citizens Property Insurance.
Momentum Research figures are our own analysis of CPAR MLS records; MLS data is deemed reliable but not guaranteed. Methodology: how Momentum market scores are computed. Market metrics describe homes for sale and recent sales, not residents.
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More on Cove Terrace
- Home values · What homes in Cove Terrace actually sell for
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