How hot is the real estate market near Panama City? Home sale prices rise to $327,500

The median sales price for a single-family home sold in Bay County during August was $327,500. That's an increase of 17.4% compared with August 2021, according to a USA TODAY Network localized analysis generated with data from

On a year-over-year basis, prices have been rising for 23 consecutive months. August prices are up from $325,000 the previous month.

The number of houses sold rose by 23.3% from a year earlier. A total of 296 houses were sold countywide during August. During the same period a year earlier, 240 single-family homes were sold.

First-time buyers: Panama City first-time homebuyers stand to get extra help under changes to program

What homes are listing for: Panama City-area home prices fall 1.5% in October, but still up nearly 11% from last year

High interest rates are making mortgage payments more expensive. With prevailing mortgage rates and 20% down, the mortgage payment on Bay County's median single-family home from August would have cost $1,496 per month, not including insurance, closing fees, homeowner association dues or other costs, according to a USA TODAY Network analysis. A month earlier, the median home mortgage would have cost $1,444. A year earlier, the median home mortgage would have cost $925.

Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through to the USA TODAY Network.

Bay County condominiums and townhomes sold in August had a median sales price of $355,000. That figure represents a 4.4% increase year over year. Some 149 were sold, down 11.8% from a year earlier.

How hot is Bay County's real estate market in Florida?

Information on your local housing markets is available through the USA TODAY Network, with more data from

In Bay County the top 10% of the properties sold for at least $627,500, up 5.5% from a year before.

In August, 14 properties sold for at least $1 million, consisting of 10 single-family homes and four condominiums or townhomes.

Florida's median single-family home sales price was $400,000 in August, up 14.3% from a year earlier. The state reported 22,040 single-family homes sold, down 25.2% from a year earlier.

The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what's happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.

The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Localized versions are generated for communities where the data quality and transaction volume meets and USA TODAY Network standards. The story was written by Sean Lahman.

This article originally appeared on The News Herald: Bay County's average home sold in August 2022 for $327,500, up 17%