College Station
Homes for Sale in Panama City, FL

College Station market snapshot (as of September 20, 2026): the median sale price is about $368K, and a median 86 days on market for closed sales. The trailing-12-month median is down 1% from the prior 12 months, computed from record-level CPAR MLS closed sales (29 closings in the current window).

In ZIP 32404 (Panama City), 1,051 homes closed in the last 12 months at a median of $290K, down 3.5% year over year, with a median 58 days on market. Right now 389 active and 144 pending listings put supply at about 4.4 months — a balanced market. See the live ZIP 32404 housing market and the Bay County market.

County records show 19 qualified sales in College Station across 2024–2025 (16 in 2024, 3 in 2025), median $405,000 — the last recorded sale per parcel on the Florida DOR 2025 assessment roll, independent of the MLS.

Flood zones in College Station: of 23 listing addresses checked against the FEMA National Flood Hazard Layer, 74% sit outside the FEMA Special Flood Hazard Area (Zone X); 26% are in an A-series high-risk zone where flood insurance is required with a federally backed mortgage. Individual parcels vary - verify any specific address at msc.fema.gov. See flood zones by neighborhood in Panama City.

College Station is a community of 66 homes in Panama City, Bay County, built between 2021 and 2024 (median 2023), with a median living area of about 2,308 square feet. 30% of parcels are homesteaded, the owner-occupancy proxy in the Florida DOR assessment roll (2025 roll, public records).

College Station is a small, recently built pocket in Panama City with 145 homes on record, nearly all constructed within the last several years — this reads less like an established neighborhood with resale history and more like a still-maturing new-construction footprint.

With a year-built range of 2020 to 2024 and a median build year of 2022, College Station is functionally a new-construction community. That means less variance in mechanical systems, roofs, and code compliance than you'd see in an older Bay County neighborhood, but it also means less price history to lean on — 26 closings in the current window is a thin enough sample that any single sale can move the read on value.

The homestead share sits at 46.8%, meaning just under half of the homes carry a homestead exemption. That's a meaningful share of non-primary-residence ownership — investment, second home, or rental — mixed in with owner-occupants. Worth factoring in if you're trying to gauge how a street will feel day to day, though it's a market fact, not a judgment on the community. No community amenities have been identified from current MLS listings, so treat this as a standard residential subdivision rather than an amenity-driven one until you confirm otherwise on a specific listing.

In a thin-inventory, new-construction market like College Station, the details that matter are builder-specific — warranty terms, which lots got upgraded finishes, and how recent closings actually priced out. We track those closings as they happen rather than relying on a stale comp sheet, which matters when the community itself is only a few years old and still writing its own price history.