Panama, FL housing market
The typical Panama home is worth about $284,000, up 1.3% in a year, 24% below the Florida typical home. Homes typically sell in 57 days, below asking.
Home values, sales, trends and how Panama compares with the towns next door — updated as new data is published.
Panama at a glance
A balanced market
About 4.3 months of supply: neither buyers nor sellers have a clear edge.
Typical home value, 2016–2026
Show as a table
| January | Panama | Florida |
|---|---|---|
| 2017 | $146,000 | $209,000 |
| 2018 | $156,000 | $226,000 |
| 2019 | $172,000 | $242,000 |
| 2020 | $178,000 | $253,000 |
| 2021 | $212,000 | $276,000 |
| 2022 | $240,000 | $340,000 |
| 2023 | $274,000 | $392,000 |
| 2024 | $283,000 | $402,000 |
| 2025 | $283,000 | $397,000 |
| 2026 | $281,000 | $377,000 |
| August 2026 | $284,000 | $376,000 |
257 new homes permitted in 2025
Builders were permitted 257 new homes in Panama in 2025: 232 single-family houses and 25 in buildings with two or more homes, worth about $92 million to build. That's 7.3 per 1,000 residents, about the pace of Florida as a whole. Over the past 10 years, Panama has permitted 2,459 homes in all.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 172 | 158 | 14 | $61.9 million |
| 2025 | 257 | 232 | 25 | $92 million |
| 2024 | 288 | 265 | 23 | $103.4 million |
| 2023 | 267 | 244 | 23 | $95.7 million |
| 2022 | 323 | 297 | 26 | $117.1 million |
| 2021 | 181 | 145 | 36 | $63.2 million |
| 2020 | 698 | 134 | 564 | $108.6 million |
| 2019 | 172 | 168 | 4 | $55.1 million |
| 2018 | 111 | 111 | 0 | $36.4 million |
| 2017 | 103 | 103 | 0 | $32.4 million |
| 2016 | 59 | 59 | 0 | $21.8 million |
| 2015 | 19 | 19 | 0 | $7 million |
Panama's permit office didn't report to the Census in 2025, so the 2025 figures are Census estimates.
How Panama ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Panama and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Panama | $284K | +1.3% | $1,590 | 257 | $62,265 |
| Pretty Bayou | — | +1.5%† | $1,700 | — | $85,208 |
| Cedar Grove | — | +2%† | $1,650 | — | $74,625 |
| Lynn Haven | $327K | −0.3% | $1,780 | 284 | $80,973 |
| Springfield | $218K | 0% | $1,560 | 10 | $54,462 |
† FHFA price index change, where Zillow has no home value for the town.
4.6 years of income
The typical Panama home costs about 4.6 years of the town's median household income, less than across Florida (5 years).
How Panama ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,590
HUD's Fair Market Rent for a two-bedroom in Panama is $1,590 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Panama pay a median of $1,327, so moving in tends to cost more than staying put. A two-bedroom takes about 31% of the town's median household income, above the 30% guideline for affordable housing.
Studio $1,350 · 4 bedrooms $2,580
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (32401, 32404, 32405; Panama City, FL HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Recent listings in Panama
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.