Prices, inventory, and demand — distilled every month into one clear verdict: buyer’s market or seller’s. The investor’s read, before you make an offer.
Yes, if you negotiate. Buyers have the upper hand in Panama City right now.
You have the upper hand in Panama City. Most homes for sale still have no buyer. Many sellers have already dropped their price once. There are more homes for sale than at any time in ten years. Sellers are competing for you. Use it.
Only 26 out of every 100 homes for sale have found a buyer. The other 74 are still waiting. Your offer may be the only one on the table. About 1 in 4 sellers has already dropped their price. Each one has learned their first price was too high. Start below their new price, not their old one.
A typical Panama City home takes 81 days to find a buyer. Half of them take even longer. Those sellers are paying to own a house they want to sell. Search for homes listed 90+ days ago. There are 1,528 homes for sale in Panama City. That is the most in ten years. It is 4 times the low of Feb 2022. Every one of them competes with the house you want.
Asking prices are 17.5% below their May 2022 peak. You are not buying at the top. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower. Panama City prices rose in only 63 of the last 108 months. This market goes up and down. Timing matters here. Growth will not rescue a bad price.
There is no rush. Prices are still coming down. Watch the homes you like. Come back after they cut. Let the seller move first.
In Panama City, 34 out of every 100 households rent. Most own their home. The renter share is shrinking. Five years ago it was 38 in 100. Panama City lost about 1,100 renter households in five years. Renter households average 2.2 people. Two and three bedrooms fit the typical renter.
Households grew 4% in five years. The housing stock shrank 2%. Demand is outrunning supply. 20.9% of homes sit empty. Tenants have options. Budget extra weeks of vacancy between leases.
The median Panama City household earns $70,812 a year. Incomes here have grown 6.6% a year since 2019. Incomes are rising faster than home prices. Affordability is improving. A typical home costs 5.2 times the median income. That is the national middle. Neither cash flow nor appreciation is free here. A tenant on the median income can pay about $1,770 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast.
That is the market, not your address. Run an address through the app to see its rent estimate and cash flow.
Yes, if you negotiate. Buyers have the upper hand in Panama City right now. 26 out of every 100 homes for sale have a buyer, 22% of sellers have cut their price, and a typical home takes 81 days to sell.
Asking prices are 17.5% below their May 2022 peak. You are not buying at the top. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower.
Assume +4.3% a year. Panama City has grown about 4.3% a year for five years and for ten. That is a durable trend, not a boom artifact. It is a fair long-run input. Prices fell 6.6% over the last year. That is a timing signal, not a trend.
A typical Panama City home takes 81 days to find a buyer. Half of them take even longer. Those sellers are paying to own a house they want to sell. Search for homes listed 90+ days ago.
In Panama City, 34 out of every 100 households rent. Most own their home. The renter share is shrinking. Five years ago it was 38 in 100. 20.9% of homes sit empty. Tenants have options. Budget extra weeks of vacancy between leases.
A tenant on the median income can pay about $1,770 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast. The median Panama City household earns $70,812 a year.
32408. Only 14 out of 100 homes there have a buyer. 20% of sellers there have cut their price, and a typical home takes 97 days to sell.
Where it isn't: 32405 ranks #9,803 in the country for buyer demand. Expect the least room to negotiate there.
ZIP 32401 is on both lists. That is rare. It is the one place in Panama City where leverage and growth overlap.
| ZIP | $/sqft, 2 yrs | $/sqft now | Buyers per home | For sale |
|---|---|---|---|---|
| 32405 | +4.2% | $206 | 0.26 | 195 |
| 32409 | -1.7% | $209 | 0.58 | 74 |
| 32401 | -2.0% | $208 | 0.27 | 148 |
| 32404 | -2.3% | $183 | 0.42 | 387 |
| 32408 | -11.9% | $367 | 0.14 | 723 |
Computed from each ZIP's own ten-year history. ZIPs with fewer than 10 homes for sale are excluded: a median across a handful of listings is noise, not a signal.
Panama City has ten ZIP codes. Each links to its live market dashboard.
Closest matches on asking price, price per square foot, days to sell, buyer demand, and price cuts.
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