Panama City-area home prices rise 5.4% in June, with houses for sale in high demand

Mike Stucka and Sean Lahman
2 min read
0

A typical Bay County home listed for $527,000 in June, up 5.4% from the previous month's $500,000, an analysis of data from Realtor.com shows.

The median list home price in June was up about 41.5% from June 2021. Bay County's median home was 1,580 square feet for a listed price of $382 per square foot.

The Bay County market was busy, with a median 40 days on market. A month earlier, homes had a median 35 days on market. The market added 948 new home listings in June, compared with the 568 added in June 2021. The market ended the month with some 1,372 listings of homes for sale.

Million-dollar listings: Here are the 5 most expensive homes sold in Bay County in June

New homes: Latitude Margaritaville community booming in Bay County, 700 homes already sold

Home for sale: Going once, going twice ... New $5.25M Panama City Beach home slated for auction in July

The median home prices issued by Realtor.com may exclude much, or even most, of a market's homes. The price and volume represent only homes that are single-family homes, condominums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales.

Information on your local housing market is available through the USA TODAY Network, with more data from Realtor.com.

What were Panama City-area home prices in June? Here's a county-by-county breakdown

Gulf County's home prices rose 13.4%, to a median $694,000, from a month earlier. The typical house was on the market for 45 days, from 47 days a month earlier. The typical 1,748-square-foot house had a list price of $434 per square foot.

Across all of Florida, median home prices were $498,500, rising 1.6% from a month earlier. The median Florida home for sale had 1,736 square feet at list price of $283 per square foot.

Across the United States, median home prices were $450,000, up 0.7% from a month earlier. The median American home for sale had 1,887 square feet, listed at $228 per square foot.

The median home list price — the midway point of all the houses or units listed over a period of time — is used more often in this report instead of the average home list 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 listed 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 the Realtor.com residential listings database. The story was written by Mike Stucka and Sean Lahman.

This article originally appeared on The News Herald: Panama City-area homes for sale rise to $527,000 median price

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