Market Overview
Home Prices in Panama City, FL
The median home value in Panama City, FL is $287,003 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 1.1% compared to a year ago and down 1.3% from two years prior.
Compared to the U.S. national median of $410,000, homes in Panama City are priced30% below average. Panama City is part of the Panama City, FL metro area.
Over the past five years, Panama City home values have risen by approximately26.1%, reflecting strong long-term appreciation in this market.
Price History
Panama City Home Price Trend
City Comparison
Panama City vs. National Median
At $287,003, homes in Panama City cost 30% below the national median of $410,000. This makes Panama City a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Panama City?
20% Down Payment
$57,401
on $287,003
Monthly P&I
$1,497/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,901/mo
incl. taxes & insurance
Income Needed
$76,040
gross annual (30% rule)
10% Down Option
$28,700
+ PMI applies
Loan Amount (20% dn)
$229,602
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Panama City, FL?
The median home value in Panama City is $287,003 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 1.1% year-over-year.
How much have home prices changed in Panama City?
Over the past year, home values in Panama City have increased by 1.1%. Over five years, prices have risen approximately 26.1%.
How much do I need to earn to buy a home in Panama City?
To comfortably afford the median home price of $287,003 with a 20% down payment ($57,401) at today's rates (6.8%), you'd need a gross annual income of approximately $76,040. This assumes keeping total housing costs at or below 30% of gross income.
How does Panama City compare to the national average home price?
The national median home value is approximately $410,000. At $287,003, homes in Panama City are 30% below the national average.
What metro area is Panama City part of?
Panama City is part of the Panama City, FL metropolitan area. Home prices and market conditions can vary across the broader metro region.