Market Brief

Panama City ZIP 32401, which covers downtown and St. Andrews, had 115 listings for sale and 15 pending on November 4, 2026, as the city began water, sewer and sidewalk work on West Beach Drive.

ZIP 32401 ran 7.7 listings per pending sale on November 4, against 3.7 in ZIPs 32404 and 32405, while 11 homes went under contract in two weeks.

Panama City ZIP code 32401, which takes in downtown and St. Andrews, had 115 active listings and 15 pending sales in our live Central Panhandle MLS map on November 4, 2026, about 7.7 listings per pending sale. ZIPs 32404 and 32405 each ran at about 3.7, and the whole feed at 5.6. The median asking price in 32401 was $260,000. From October 22 through November 4, 11 listings in the ZIP went under contract, up from 4 in the prior two weeks, and every one of them was listed under $300,000. On October 27, WJHG reported that crews would mobilize within about a week to replace water and sewer lines and add sidewalks on West Beach Drive and Mulberry Avenue. All market figures are ours, computed from Central Panhandle MLS records; information is deemed reliable but not guaranteed.

This brief looks at one ZIP code. Our November 3 article on Panama City homes over $750,000 covered the upper tier, our October 30 piece on the Tyndall rebuild and East Bay homes covered the east side, and completed-month figures are in our Panama City median price and days on market articles. The full series is on the Panama City market data hub.

What work is starting downtown?

WJHG reported on October 27 that Panama City would replace water lines and sewer lines and add sidewalks on West Beach Drive from Sixth Street to Fourth Street and on Mulberry Avenue from Sixth Street to West Beach Drive. The work is split into three phases to keep businesses open and starts near Destination Panama City. Chevron told the city it would cover added disposal costs if contaminated soil is found. "Water and sewer have not been updated in this town since it was installed," Commissioner Robbie Hughes told the station. No total cost was reported.

A day later, WJHG reported that the city had rejected all bids for its 49-slip West Basin marina and would rebid the work in phases, starting with wet slips. Phase one could begin within 90 days of choosing a contractor, and the redesigned boat ramp will come later.

How does 32401 compare with other Panama City ZIP codes?

Source: Momentum Research, computed from Central Panhandle MLS records, Panama City mailing addresses, live map snapshot November 4, 2026. Deemed reliable but not guaranteed.

Houses in 32401 asked a median $259,000, about $71,000 below 32404 and $121,000 below 32405. The median 32401 house had been listed 59 days, close to 60 days in 32404. Twenty-two of the ZIP's 115 listings had been on the market 180 days or more.

What kinds of homes are listed in 32401?

Source: Momentum Research, computed from Central Panhandle MLS records, ZIP 32401, November 4, 2026. Deemed reliable but not guaranteed.

The ZIP has an unusual share of duplexes and small multifamily buildings, 22 of 115 listings. Condos asked a median $305,000. Most supply sat under $300,000: 24 listings under $200,000 and 49 between $200,000 and $299,999, against 19 from $300,000 to $399,999 and 23 at $400,000 or more. New construction accounted for 28 active listings and 4 pending.

The largest groups of listings were in Sudduths (7), Harbour Village at Historic St. Andrews (6) and Springfield (5), with smaller clusters in Cove Terrace and older Cove streets.

What sold in the last two weeks?

From October 22 through November 4, our feed logged 11 contracts in 32401, against 4 from October 8 through 21. Eight were single-family houses, one a condo, one an attached home and one a manufactured home. List prices ran from $129,997 to $289,900, and three were new construction. Sellers cut prices 19 times, up from 16, with a median cut of 2.30 percent, or $5,500. Only 7 new listings came on the market, against 6 earlier, and 12 sales closed, against 5.

That pace is quicker than the snapshot ratio suggests: 11 contracts in two weeks against 115 listings. The lower price bands carried all of it. Nothing above $300,000 went under contract in the window.

What does this mean for buyers and sellers?

For buyers under $300,000, 32401 offers more choice than 32404 or 32405 at a lower median ask, but contracts there are picking up. Construction on West Beach Drive and Mulberry Avenue may affect access near the work in phases; the city has not published an end date in that coverage. Insurance and tax budgets are on our Panama City home insurance page, the Panama City flood zones by neighborhood page and the Bay County property tax page.

For sellers above $300,000 in 32401, there were no contracts in two weeks against 42 listings, so pricing against the few recent sales matters. Building fees for condos are on our Bay County HOA fees page, and nearby markets are on the Panama City, Lynn Haven and Panama City Beach pages.

People also ask

What is happening on West Beach Drive in Panama City?

WJHG reported on October 27, 2026 that Panama City would replace water and sewer lines and add sidewalks on West Beach Drive from Sixth to Fourth Street and on Mulberry Avenue, in three phases, with crews expected to mobilize within about a week.

How many homes are for sale in Panama City 32401?

Our live Central Panhandle MLS map showed 115 active listings and 15 pending sales in ZIP 32401 on November 4, 2026. Seventy-one were single-family houses, and the median house asked $259,000.

Are homes selling in downtown Panama City?

Contracts rose. Our feed logged 11 listings going under contract in ZIP 32401 from October 22 to November 4, 2026, up from 4 in the prior two weeks. All 11 were listed under $300,000.

Limitations

ZIP codes come from the listing address. The table covers Panama City mailing addresses only; 32408 is mostly the west end near Panama City Beach. Pending counts include all listings in pending status on the snapshot date. Two-week counts come from our feed's change log, which records a change when our refresh sees it; a listing that changed more than once in a category is counted once, and contracts count only active listings that moved to pending. Counts in one ZIP are small, so a few sales move the ratios. Square footage is not available in this feed, so we do not report price per square foot. Project details come from news coverage, and schedules can change.

Sources

• Momentum Research, computed from Central Panhandle MLS records, Bay County (live map snapshot November 4, 2026; listing change log October 8 to November 4, 2026). Information is deemed reliable but is not guaranteed by the MLS to be accurate.
• WJHG, report on West Beach Drive and Mulberry Avenue utility work, October 27, 2026: https://www.wjhg.com/2026/10/28/long-awaited-west-beach-drive-upgrades-move-forward-panama-city/
• WJHG, report on the West Basin marina rebid, October 28, 2026: https://www.wjhg.com/2026/10/29/panama-city-scales-back-marina-rebuild-plans/
• Momentum Research, Panama City Market Pulse.
• Full monthly series and per-feed attribution: Panama City market data

Disclosure: Jon Brooks is a co-founder of Momentum Realty, a Florida real estate brokerage that owns and funds Florida Housing Intelligence. Momentum has a financial interest in Florida real estate transactions, including in markets named here. See our editorial standards.