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
With 38,286 people, 14,945 houses or apartments, and a median cost of homes of $125,017, house prices in Panama City are solidly below the national average.
Single-family detached homes are the single most common housing type in Panama City, accounting for 59.70% of the city's housing units. Other types of housing that are prevalent in Panama City include large apartment complexes or high rise apartments ( 23.06%), duplexes, homes converted to apartments or other small apartment buildings ( 11.96%), and a few row houses and other attached homes ( 3.47%).
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 47.16% owning and 52.84% 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 ( 38.78%). A lesser amount of the housing stock also hails from between 2000 and later ( 10.79%). There's also some housing in Panama City built before 1939 ( 5.22%).
Vacant housing appears to be an issue in Panama City. Fully 16.85% of the housing stock is classified as vacant. Left unchecked, vacant Panama City homes and apartments can be a drag on the real estate market, holding Panama City real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Panama City over the last then years, as home values have seen a decline of 22.27% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Panama City home appreciation rates at -1.38%, which equates to an annual appreciation rate of -5.42%.
NeighborhoodScout's data show that during the latest twelve months, Panama City's appreciation rate, at 4.37%, has been at or slightly above the national average. In the latest quarter, Panama City's appreciation rate has been -1.38%, which annualizes to a rate of -5.42%.
Notably, Panama City's appreciation rate in the latest quarter is one of the lowest in America.
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.
|$881,001 - $1,175,000||0.6|
|$588,001 - $881,000||2.0|
|$470,001 - $588,000||2.2|
|$353,001 - $470,000||4.6|
|$235,001 - $353,000||11.5|
|$117,001 - $235,000||39.1|
|$59,001 - $117,000||26.4|
|$0 - $59,000||12.3|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Panama City HOMES|
|2000 or Newer||10.8|
|1970 - 1999||45.2|
|1940 - 1969||38.8|
|1939 or Older||5.2|
|TYPE OF Panama City HOMES|
|Small Apt. Buildings||12.0|
|SIZE OF Panama City HOMES|
|5 or more bedrooms||1.55|