Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 34,690 people, 14,667 houses or apartments, and a median cost of homes of $258,903, Panama City real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Panama City, accounting for 61.38% of the city's housing units. Other types of housing that are prevalent in Panama City include large apartment complexes or high rise apartments ( 20.04%), duplexes, homes converted to apartments or other small apartment buildings ( 9.87%), and a few row houses and other attached homes ( 6.35%).
The most prevalent building size and type in Panama City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 53.73% owning and 46.27% renting.
There is a lot of housing in Panama City built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Panama City built between 1940-1969 ( 34.79%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.57%). There's also some housing in Panama City built before 1939 ( 6.67%).
In the last 10 years, Panama City has experienced some of the highest home appreciation rates of any community in the nation. Panama City real estate appreciated 134.09% over the last ten years, which is an average annual home appreciation rate of 8.88%, putting Panama City in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Panama City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Panama City appreciation rates have trailed the rest of the nation. In the last twelve months, Panama City's appreciation rate has been 1.27%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Panama City were at 6.24%, which equates to an annual appreciation rate of 27.39%.
Importantly, this makes Panama City one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Florida, our data show that Panama City's latest annual appreciation rate is lower than 80% of the other cities and towns in Florida.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Panama City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Panama City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Panama City real estate investment or home purchase decisions.
$258,903
for Florida
for nation
14,667
$2,109 / per month