32304 (Panama City)
Housing Market & Home Values
Median sale price $222,000, down 14.7% year over year, with homes going under contract in about 27 days, 19 homes on the market.
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Housing Market Analyst
Inventory sits at 2.9 months of supply — tight by the 3-to-6-month balanced benchmark, and 30% of listed homes are already under contract. Prices are down 14.7% versus the prior year, but sellers are still collecting 97.3% of asking. Taken together, the data points to a broadly balanced market where preparation decides who wins.
Who has leverage right now
Leverage scores are derived from the Momentum Score (supply, demand, speed, pricing power, and trend). Right now the data favors sellers.
- Prices — more likely to stabilize than fall sharply. Supply remains below balanced levels even as prices soften; without a meaningful inventory build, further declines tend to be shallow.
- Inventory — tightening over the tracked window; watch whether that holds through the season.
- Negotiating power — sellers hold the leverage while 30% of inventory sits under contract.
- Mortgage sensitivity — at 4.9× income, this market is moderately sensitive to rate moves; rate relief tends to show up in demand here quickly.
Derived from current 32304 data, not a prediction or guarantee. Markets move; talk to an agent before acting on any single reading.
The read on 32304 (Panama City)
The median sale price across 32304 currently stands at $222,000, down 14.7% from a year ago. Buyers are paying a median of $208 per square foot. The typical home goes under contract in about 27 days. Sellers are capturing 97.3% of their original asking price on average.
There are 19 active listings on the market, with 13 more already under contract. At the current sales pace that works out to 2.9 months of supply — a seller-leaning market by the standard six-month benchmark. 50 homes closed here over the trailing 12 months.
Zillow's home value index for Bay County stands at $344,049. About 26% of listings county-wide have taken a price cut — a useful gauge of seller flexibility.
Weighing supply, demand, speed, pricing power, and trend together, the Momentum Score for 32304 is 63 of 100 — balanced market territory. This page recalculates every day as new MLS data lands, so the numbers above reflect the market as of October 5, 2026.
32304 since 2012 — and where it’s heading
A median home here sold for $128,431 in 2012 and $246,158 over the last recorded year — 92% appreciation across 14 years of recorded sales. Cash buyers took 25% of recent sales, down from a 43% peak.
Median sale price · 2012–2026 (1,117 recorded sales)
Days on market by year
Cash buyers · share of sales
Home value trend · Bay County (Zillow ZHVI)
For-sale inventory · county (Zillow)
Daily active vs pending · Bay County (MLS)
Median price · daily recalculation
What’s driving 32304
Top inbound states: GA, AL, TX, AZ. Movers arriving report ~$74,894 average income. Source: IRS SOI county-to-county migration, 2022-2023
1,264 Citizens policies in force in Bay County — the state-backed insurer of last resort. Budget insurance into any Bay purchase before you fall in love with a house. Source: Citizens Property Insurance, Detail by County, April 2026
1,685 single-family · 387 multi-family · 11.4 per 1,000 residents. Future supply pressure starts here. Source: U.S. Census Bureau, Building Permits Survey, 2025
The calls we’re making from today’s data
The sharpest 1-yr median swing among tracked communities. Thin samples can exaggerate swings — verify with a comp analysis before treating it as trend.
Sellers: price to the last 60 days of comps, not the peak — well-prepared listings are still commanding strong terms. Buyers: get underwritten now so you can move when the right house hits.
Generated from today’s data by Momentum’s analysis engine and reviewed on a rolling basis by our broker team.
Nearby ZIP codes in Bay
| Market | Median | Active | Score | |
|---|---|---|---|---|
| 32304 ← this page | $222K | 19 | 63 | |
| 32408 | $400K | 1,195 | 41 | Open → |
| 32407 | $398K | 1,101 | 36 | Open → |
| 32413 | $445K | 1,074 | 38 | Open → |
| 32404 | $290K | 391 | 55 | Open → |
| 32405 | $280K | 202 | 55 | Open → |
Neighborhoods on the move
| THE LAKESSarasota | $222K | ▲ -10% |
| THE LAKESSarasota | $222K | ▼ 10% |
| AZALEA PARKBartow | $185K | 12 |
| THE LAKESSarasota | $222K | 5 |
| THE LAKESSarasota | $222K | 15 days |
Cities in this ZIP
Most active communities
Put this data to work
The questions people actually ask
Should I buy a house in 32304 right now?
The data says conditions currently favor neither side decisively in 32304 — the Momentum Score reads 63/100 with 2.9 months of supply. For buyers that means preparation over hesitation: well-priced homes still move fast, but there is more room to negotiate than a year ago. The right timing always depends on your rate, your equity, and how long you plan to stay — not just the market.
Is 32304 becoming more affordable?
Yes, modestly — the median sale price in 32304 is $222,000, down 14.7% versus the prior year, while sellers still capture 97.3% of asking price. Softening prices plus normal-length marketing times mean affordability is improving at the margin, though financing costs matter more than list prices for most monthly payments.
Where are prices falling fastest in 32304?
Among tracked communities with enough sales to measure, the sharpest 1-year median declines are THE LAKES (-10%). Note that community-level medians move on small sale counts — a few high- or low-end closings can swing them — so treat these as leads for a comp analysis, not verdicts.
Which 32304 neighborhoods are most competitive?
Measured by speed of sale, the fastest-moving tracked communities right now are THE LAKES (15 days) — homes there go under contract well ahead of the market-wide pace of 27 days.
32304 (Panama City) housing market FAQ
How is the housing market in 32304 right now?
As of October 5, 2026, the 32304 housing market favors sellers: the median sale price is $222,000 (down 14.7% year over year), 19 homes are for sale against 50 sales in the last 12 months, which is 2.9 months of supply, and the typical home goes under contract in about 27 days.
How much is a house in 32304?
The median home sold for $222,000 in 32304 over the last 12 months, about $208 per square foot; asking prices on the 19 current listings run from well below to well above that, and the community pages linked below show what each neighborhood actually sells for.
Is it a good time to sell a house in 32304?
By the numbers, sellers in 32304 are getting 97.3% of asking price and going under contract in about 27 days with 2.9 months of supply. Under four months of supply generally favors sellers; over six favors buyers. Whether it is a good time for you depends on what you paid and where you are going next, which is a conversation with an agent, not a chart.
What is the 32304 housing market forecast?
Momentum Realty publishes the recorded trend, not a prediction: 32304 median sale prices are down 14.7% year over year, inventory stands at 2.9 months of supply, and 30% of listings are under contract. The charts on this page update with every MLS refresh, so the direction shows up here before any forecast catches it.
What is the median home price in 32304?
The median sale price in 32304 is currently $222,000, down 14.7% from a year ago, based on MLS sales data updated October 5, 2026.
Is 32304 a buyer's or seller's market right now?
The data currently favors sellers. 32304 scores 63 of 100 on the Momentum Score, with 2.9 months of housing supply. Conditions change; this page updates daily.
How long do homes take to sell in 32304?
The typical home in 32304 goes under contract in about 27 days, per current MLS data.
How many homes are for sale in 32304?
There are approximately 19 active listings in 32304 as of October 5, 2026.
Are home prices in 32304 rising or falling?
Median sale prices are down 14.7% year over year based on a rolling comparison of MLS sales.
Momentum agents use this intelligence every day to price listings and write winning offers across 32304 (Panama City). Talk through what the numbers mean for your move.
Every number on this page is computed directly from licensed Florida MLS feeds, recorded public sales, Zillow Research, and U.S. Census data — nothing is manually adjusted or estimated by hand. Medians use recorded closed sales; supply figures use live listing counts refreshed twice daily; the Momentum Score methodology is summarized .
Analyst oversight: Jon Brooks — Co-Founder, Momentum Realty · CEO, Momentum Research · Housing Market Analyst · methodology reviewed quarterly · Last data refresh: October 5, 2026 at 1:44 PM ET
Statistics on this page are computed automatically from licensed MLS feeds and public data sources (Zillow Research, U.S. Census Bureau) and summarized without manual review. Figures are estimates based on recent recorded activity, are deemed reliable but not guaranteed, and should be verified with a licensed agent before making decisions. This page does not constitute an appraisal or an automated valuation of any specific property. Momentum Realty is licensed in Florida and Georgia. Equal Housing Opportunity.