Hot real estate market near Panama City pushes Bay County home sale prices to $336,500
The median sales price for a single-family home sold in Bay County during May was $336,500. That's an increase of 24.6% compared with May 2021, according to a USA TODAY Network localized analysis generated with data from Realtor.com.
On a year-over-year basis, prices have been rising for 20 consecutive months. May's median sale price represents an all-time record in a database that covers 89 consecutive months. May prices are up from $310,000 the previous month.
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The number of houses sold rose by 2.4% from a year earlier. A total of 304 houses were sold countywide during May. During the same period a year earlier, 297 single-family homes were sold.
Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.
Bay County condominiums and townhomes sold in May had a median sales price of $369,000. That figure represents a 29.9% increase year over year. Some 213 were sold, up 13.3% 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 Realtor.com.
In Bay County the top 10% of the properties sold for at least $640,000, up 29.3% from a year before.
In May, 12 properties sold for at least $1 million, consisting of five single-family homes and seven condominiums or townhomes.
Florida's median single-family home sales price was $415,000 in May, up 23.2% from a year earlier. The state reported 26,982 single-family homes sold, down 12.6% 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 Realtor.com. Localized versions are generated for communities where the data quality and transaction volume meets Realtor.com 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 for a higher price year over year
