The typical Panama City home was worth $284,369 in August 2026, up 1.2% in a year and about $60,000 below the Bay County figure, Zillow says.
Last checked Oct. 9, 2026, with Zillow data through August 2026 and Federal Housing Finance Agency data through the second quarter of 2026. Refreshed monthly. Questions about a specific property’s value or taxes: the Bay County Property Appraiser, 850-248-8401, or baypa.net.
The typical home in Panama City was worth $284,369 in August 2026, according to the Zillow Home Value Index. That is up 1.2% from $280,938 a year earlier and about 1% below the city’s peak of $288,465 in April 2024. Values are about 44% higher than in August 2020.
The index covers single-family homes and condos in the middle third of the market and is adjusted for the season. It is an estimate of value, not a sale price.
What this means for you
- Panama City values have been close to flat since 2023, after big jumps in 2021 and 2022.
- The city remains the cheaper option in Bay County: about $60,000 below the county figure and $130,000 below Panama City Beach.
- Buying? Your property taxes reset to the new market value, and homestead must be filed by March 1; see property taxes.
Ten years of values
| August | Typical home value | Change from a year earlier |
|---|---|---|
| 2016 | $145,813 | |
| 2017 | $153,282 | 5.1% |
| 2018 | $165,805 | 8.2% |
| 2019 | $167,670 | 1.1% |
| 2020 | $197,628 | 17.9% |
| 2021 | $229,440 | 16.1% |
| 2022 | $269,552 | 17.5% |
| 2023 | $281,966 | 4.6% |
| 2024 | $283,778 | 0.6% |
| 2025 | $280,938 | -1.0% |
| 2026 | $284,369 | 1.2% |
Month by month in 2026, the index rose from $281,288 in January to $286,226 in May, then eased to $284,369 by August.
How Panama City compares
| Place | August 2026 | August 2025 | Change |
|---|---|---|---|
| Panama City Beach | $414,475 | $420,340 | -1.4% |
| Bay County | $344,049 | $345,410 | -0.4% |
| Lynn Haven | $327,447 | $328,284 | -0.3% |
| Panama City | $284,369 | $280,938 | 1.2% |
| Callaway | $266,423 | $264,877 | 0.6% |
| Springfield | $217,654 | $217,717 | 0.0% |
Panama City and Callaway were the only places in this table where the typical value rose over the year. Zillow does not publish an index for Upper Grand Lagoon.
The wider metro area
The Federal Housing Finance Agency’s House Price Index for the Panama City-Panama City Beach metro area, which tracks repeat sales and refinances of the same homes, stood at 424.84 in the second quarter of 2026, up 3.1% from 411.95 a year earlier. The FHFA index covers the whole metro area and uses mortgage records, so it moves differently from Zillow’s city figure.
Census figures
The Census Bureau’s American Community Survey puts the median value of owner-occupied homes in Panama City at $243,200 in its 2019-2023 five-year estimates. That figure is what owners said their homes were worth, averaged over five years, so it runs below current market estimates. More on the city’s people and housing: Panama City population and growth.
Where to look up a sale
Sales prices are public in Florida. Search any parcel’s sales history on the property appraiser’s property search, and see recent deeds on our real estate transfers page.
Related: property taxes, moving to Panama City and hurricane prep, which covers flood zones.
Home values, zoned schools and parks for each area: Panama City neighborhoods.
Frequently asked questions
What is the average home price in Panama City, Florida?
Zillow’s Home Value Index put the typical Panama City home at $284,369 in August 2026. The Census Bureau’s survey-based median value for owner-occupied homes was $243,200 in its 2019-2023 estimates.
Are home prices going down in Panama City?
Not in the past year. The typical value rose 1.2% from August 2025 to August 2026 and is about 1% below the April 2024 peak of $288,465. Values have held roughly flat since 2023.
Is Panama City cheaper than Panama City Beach?
Yes. In August 2026 the typical home in Panama City Beach was worth $414,475, about $130,000 more than in Panama City. Lynn Haven was $327,447 and Callaway $266,423.
How much have Panama City home values risen since 2020?
About 44%. Zillow’s index went from $197,628 in August 2020 to $284,369 in August 2026, most of that rise coming in 2021 and 2022.
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