Lullwater Beach
Homes for Sale in Panama City Beach, FL

Lullwater Beach market snapshot (as of September 20, 2026): the median sale price is about $231K, and a median 206 days on market for closed sales.

In ZIP 32404 (Panama City Beach), 1,060 homes closed in the last 12 months at a median of $290K, down 3.3% year over year, with a median 58 days on market. Right now 391 active and 146 pending listings — a balanced market. See the live ZIP 32404 housing market and the Bay County market.

CPAR sales records identify 22 homes in Lullwater Beach that have changed hands since 2003, built between 1971 and 2025 (median 1984), with a median living area of about 1,089 sq ft and a typical 4-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.

Flood zones in Lullwater Beach: of 9 listing addresses checked against the FEMA National Flood Hazard Layer, 89% sit outside the FEMA Special Flood Hazard Area (Zone X); 11% are in a V-series coastal high-hazard zone. Individual parcels vary - verify any specific address at msc.fema.gov. See flood zones by neighborhood in Panama City Beach.

Lullwater Beach is a sizable Panama City Beach community of 666 homes with a homestead share around 13%, meaning the majority of these properties are held as second homes or rentals rather than primary residences. That ownership pattern shapes both the pace of the market and the mix of homes you will encounter.

The defining feature here is variety. Homes date back as far as 1930 and as recently as 2024, so what you are buying — and what you should pay — depends heavily on the specific structure in front of you. There is no single archetype. The median build year of 1992 and median size near 2,400 square feet give you a rough center of gravity, but the spread around that center is the real story. Underwrite each home on its own condition and updates rather than the community stat line.

With a low homestead share near 13%, a large portion of these homes function as investment or seasonal property. Paired with the slow sales pace and the 14.4% year-over-year decline, this is a market where careful buyers have leverage. No community amenities were identified from current MLS listings, so the value case rests on the home itself and its Panama City Beach location rather than shared facilities.

In a market this varied and this slow, pricing and condition analysis matter more than momentum. We evaluate each home against its vintage and updates rather than a blanket median, and in a market down 14.4% with listings sitting past 200 days, we position buyers to negotiate and sellers to price honestly. That is the whole job here — no shortcuts, no hype.

Listings in this community report association dues of about $665 per month ($7,980 a year) — the median AssociationFee across 225 MLS records, normalised to a monthly figure; most are billed monthly. Dues change with budgets and can differ by section or product type; confirm the current figure with the association before you offer. Source: MLS listing records, 2026-10.

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