Palm Bay
Homes for Sale in Panama City, FL

Palm Bay market snapshot (as of September 20, 2026): the median sale price is about $560K, and a median 43 days on market for closed sales. The trailing-12-month median is up 6% from the prior 12 months and up 105% since 2012, computed from record-level CPAR MLS closed sales (9 closings in the current window).

In ZIP 32407 (Panama City), 1,458 homes closed in the last 12 months at a median of $398K ($183/sq ft), down 1.6% year over year, with a median 80 days on market. Right now 1,101 active and 151 pending listings put supply at about 6.7 months — a buyer's market. See the live ZIP 32407 housing market and the Bay County market.

County records show 12 qualified sales in Palm Bay across 2024–2025 (9 in 2024, 3 in 2025), median $585,000 — the last recorded sale per parcel on the Florida DOR 2025 assessment roll, independent of the MLS.

Palm Bay is a community of 230 homes in Panama City, Bay County, built between 1953 and 2024 (median 1994), with a median living area of about 2,761 square feet. 78% of parcels are homesteaded, the owner-occupancy proxy in the Florida DOR assessment roll (2025 roll, public records).

Palm Bay in Panama City spans homes built from 1953 through 2024, giving the market a wide range of construction eras under one roof rather than a single uniform look or layout.

With 263 homes tracked and a median year built of 1994, Palm Bay is not a single-phase subdivision — it's a longer-running community where mid-1990s construction sits alongside both older and newer homes. That spread means two houses at the same price point can differ substantially in mechanical age, layout, and finish, so a walk-through matters more here than in a newer, more uniform build-out.

Price has moved up 1.8% year over year and 105% since 2012, which speaks to a long runway of gradual value change rather than a recent spike. A homestead share near 80% suggests a market weighted toward owner-occupied living rather than fast turnover, which tends to support a steadier, less speculative resale environment.

In a community spanning seven decades of construction, knowing which era, layout, and condition profile matches a buyer's budget is the whole game. We track how Palm Bay's median price, days on market, and closing activity are actually moving right now, so pricing and offer strategy reflect current conditions rather than a generic county-wide read.

Listings in this community report association dues of about $48 per month ($576 a year) — the median AssociationFee across 27 MLS records, normalised to a monthly figure; most are billed annually. 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.