Forest Hills
Homes for Sale in Panama City, FL

Forest Hills is a Panama City neighborhood of 99 homes built mostly across the mid-to-late 20th century, offering more living space per dollar than newer subdivisions but without a listed amenity package — the draw here is the house and the lot, not a community clubhouse or pool.

CPAR sales records identify 7 homes in Forest Hills that have changed hands since 2024, built between 1972 and 1985 (median 1982), with a median living area of about 2,106 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.

County records show 3 qualified sales in Forest Hills across 2024–2025 (2 in 2024, 1 in 2025), median $382,500 — the last recorded sale per parcel on the Florida DOR 2025 assessment roll, independent of the MLS.

Pre-construction details are compiled from public records, builder announcements and builder listings, and are subject to change without notice; figures are deemed reliable but not guaranteed. Momentum Research figures are our own analysis. This page describes homes, pricing and community attributes, not residents.

Forest Hills is too small for its own price trend, so here is the market around it.

In ZIP 32405, 163 homes are on the market and 23% are under contract — a steady corner of Panama City.

Across Bay County, 2,515 homes are active and 528 pending (17% under contract).

In ZIP 32405 (Panama City), 697 homes closed in the last 12 months at a median of $280K, down 6.8% year over year, with a median 56 days on market. Right now 202 active and 86 pending listings — a balanced market. See the live ZIP 32405 housing market and the Bay County market.

ZIP and county figures describe the wider market, not Forest Hills specifically. Momentum Research analysis of MLS records.

The year-built range in Forest Hills — 1907 through 2005, with a median of 1975 — means buyers are shopping two different products under one neighborhood name: pre-war and early-to-mid-century homes with original character, and later infill construction built to newer codes. That spread is the single biggest driver of price variation, more than block or lot. A renovated 1970s home and an untouched original from the same decade won't compete on the same number, and neither will sit at the same days-on-market.

No community amenities are identified from current MLS listings, so what buyers are paying for is square footage, lot, and structure — the median living area of 2,214 square feet is generous for the price point. Combined with a 73% homestead share, this reads as a neighborhood built for long-term occupancy rather than fast resale, which is consistent with the 76-day median time on market: homes move on their own timeline here, not the market's.

In a neighborhood where a home's age can range across a full century, pricing correctly means reading condition and system age as carefully as square footage. We help buyers separate a genuinely updated 1970s or 1980s home from one that only looks updated in photos, and we help sellers position an older home so its price reflects what's actually been done to it — not just its year built.

Confirm the current HOA dues, exactly what they cover, and any CDD bond or special assessment for a specific address before you offer.