Callaway Forest
Homes for Sale in Panama City, FL
All 245 homes for sale in Panama City, FL · median $349,900 · 308 homes for sale in 32404 · Bay County homes for sale
True comps, carrying-cost math, and listings before the portals.
Callaway Forest is a value play in Bay County: 244 homes, a median build year of 1987, and a median price of $275,000. That combination tells you the market here is priced on condition and updates far more than on scarcity or amenity draw, since the community itself lists no shared amenities in current MLS data.
A median 93 days on market is a real number to plan around, not a footnote. Sellers who price to the condition of their home and prep it properly move faster than that average; sellers who price on hope sit past it. Buyers get room to negotiate and time to do real diligence, especially on a housing stock with a year-built spread running from 1968 to 2023.
Figures in this note are as of July 28, 2026. The live market numbers elsewhere on this page update nightly and are newer.
The 60-Second Overview
Callaway Forest is an established Panama City community where homes built from 1968 through 2023 sit side by side, giving buyers a genuine mix of eras and update levels rather than a single production-builder look.
CPAR sales records identify 9 homes in Callaway Forest that have changed hands since 2016, built between 1985 and 1993 (median 1987), with a median living area of about 1,317 sq ft and a typical 3-bedroom, 2-bath layout; 78% are single-family homes. 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 7 qualified sales in Callaway Forest across 2024–2025 (4 in 2024, 3 in 2025), median $260,000 — 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.
Who Callaway Forest is best for.
Best for
- Buyers prioritizing purchase price over shared amenities
- Buyers comfortable renovating or updating an older home to add value
- Owner-occupant buyers planning to hold and settle in for the longer term
Probably not for
- Buyers who want on-site community amenities as part of the purchase
- Sellers who need a fast, near-guaranteed sale timeline given the 93-day median
- Buyers seeking only new-construction homes, given the wide 1968-2023 build range
The market around Callaway Forest
Callaway Forest is too small for its own price trend, so here is the market around it.
In ZIP 32404, 428 homes are on the market and 30% are under contract — a fast-moving corner of Panama City.
Across Bay County, 2,515 homes are active and 528 pending (17% under contract).
In ZIP 32404 (Panama City), 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.
ZIP and county figures describe the wider market, not Callaway Forest specifically. Momentum Research analysis of MLS records.
The Callaway Forest buying strategy.
If we were buying in Callaway Forest 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 Callaway Forest.
Priced on condition, not on extras
With a median living area of 1,756 square feet and a median year built of 1987, Callaway Forest reads as a working, mid-size home stock rather than a luxury or entry-tier niche. The wide year-built range, 1968 to 2023, means inventory ranges from original systems to recent construction, and that gap is the single biggest driver of value swings within the community rather than location or amenities.
A 70.3% homestead share is notable: it signals a base of owner-occupied homes rather than a market dominated by investor turnover or short-term rental churn. That tends to support steadier upkeep across the community over time, though it says nothing about any individual home's condition, which still has to be verified block by block.
The location and the amenities are priced into every listing in Callaway Forest. The deal is won or lost on condition, the comps, and the renovation math.
Why work with Momentum here
In a community priced on condition rather than shared amenities, the work is in the comps: knowing which era of home is trading where relative to the $275,000 median, and reading a 93-day median days-on-market honestly instead of guessing at it. We pull the current three-window closing data before we set a number, whether you are listing or making an offer.
Callaway Forest in 15 seconds.
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 Callaway Forest 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 Callaway Forest sales matched to your home.
Price it to the comps and condition, not an automated estimate.
If you are thinking about selling in Callaway Forest, the right list price comes from recent comparable sales matched to your home's condition and location, not an automated estimate.
What is your Callaway Forest home worth?
Get a no-obligation home value based on real comparable sales in Callaway Forest, 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 Callaway Forest
Homes in Callaway Forest 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. 1 on record.
- 160 Kristine Boulevard · off market
| Location | Panama City, Bay County, FL · ZIP 32404 |
|---|---|
| Homes in the community | 115 (FL DOR 2025 assessment roll) |
| Years built | 1978–2022 (median 1987) |
| Typical living area | 1,879 sq ft (median) |
| For sale right now | 0 active, 1 pending |
| Owner-occupied (homestead) share | 76% |
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; housing-stock figures from Florida Department of Revenue public records. Market figures describe homes, not residents. Cite as: Momentum Realty, “Callaway Forest key facts,” movewithmomentum.com/neighborhoods/callaway-forest, data as of September 20, 2026.
Housing distress & ownership in Callaway Forest, 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.
More Panama City home searches
- All homes for sale in Panama City, FL
- Homes for sale in Bay County, FL
- Homes under $300K in Panama City
- Homes from $300K to $500K in Panama City
- 4-bedroom homes for sale in Panama City
- Panama City home values: what is my house worth?
- ZIP 32404 housing scorecard
- 3 coming-soon communities in Bay County
Panama City guides & data
- Market data
- Best neighborhoods (ranked by data)
- Flood zones
- Home insurance cost
- New construction
- ZIP codes
Florida buyer guides
- Florida home insurance rates by county
- Florida property tax by county
- Florida property tax calculator
- What flood zone X means
- The 4-point inspection, explained
- Florida flood insurance calculator
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The real cost & risk here
Before the list price, the Florida math the portals skip. These are Bay County typicals — your exact home, flood zone, and insurance quote will vary, so verify each before you offer.
Check it for your address: look up your flood zone (FEMA) · insurance by county · true-cost calculator · Bay County scorecard.
County typicals from Momentum’s Florida housing data (Zillow & Realtor.com aggregates, Census, FRED), updated monthly; insurance modeled. Flood zone is property-specific — always confirm via FEMA.
Email me new listings in Callaway Forest
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 Callaway Forest
Have a question about the homes, fees, rules or commute here? A Momentum agent who works Callaway Forest will answer, and the answer is published on this page for the next buyer.
Recent Developments in Callaway Forest
Development, infrastructure, retail, and school activity affecting Callaway Forest, tracked by our team and summarized from public reporting and official sources, with links to the original coverage. Last updated October 2026.
- October 2026Development
Tyndall Air Force Base rebuild continues with about 140 new facilities
WJHG reports Tyndall AFB is rebuilding with roughly 140 new hurricane-resistant facilities after Hurricane Michael in 2018, and now hosts F-35 squadrons. Most current projects are expected to finish by 2027, while other buildings await congressional funding and the work has faced labor and budget constraints.
What it may mean for the marketContinued base construction and F-35 operations sustain military and contractor employment and construction activity in the eastern Bay County area. The site is about 8 miles south of Callaway Forest.
Source: WJHG - 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 2 miles west of Callaway Forest.
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 3 miles southwest of Callaway Forest.
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 3 miles west of Callaway Forest.
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 5 miles north of Callaway Forest.
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 3 miles southwest of Callaway Forest.
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
How many homes are in Callaway Forest?
What share of Callaway Forest is owner-occupied?
When were the homes in Callaway Forest built?
Who is the best real estate agent for Callaway Forest?
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Where is Callaway Forest, and what county is it in?
Should you buy in Callaway Forest?
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: September 26, 2026) |
| Housing stock & ownership | Florida DOR assessment roll (street-list match (1 streets, ZIP 32404)) |
| Under-contract shares | CPAR MLS records, as of 2026-09-20 |
| Historical depth | Closed-sale records back to 2015 (26 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 Callaway Forest
- Home values · What homes in Callaway Forest actually sell for
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