Record hot real estate market near Panama City pushes Bay County home prices to $310,000
The median sales price for a single-family home in Bay County during February was $310,000. That's an increase of 21.6% compared with February 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 17 consecutive months. February's median sale price represents an all-time record in a database that covers 86 consecutive months. February prices are up from $300,000 the previous month.
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The number of houses sold rose by 54.1% from a year earlier. A total of 262 houses were sold countywide during the month of February. During the same period a year earlier, 170 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 February had a median sales price of $325,000. That figure represents a 12.3% increase year over year. Some 186 were sold, up 91.8% from a year earlier.
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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 had prices of at least $599,800, up 9% from a year before.
In February, 10 properties sold for at least $1 million, consisting of nine single-family homes and one other property.
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 average home sold for $310,000 in February 2022, up by 22%
