ZIP Code Market Report
32408 — Panama City Beach, FL
Data through February 2026 · Updated monthly
Avg Home Value
$365,838
▼ 5.8% year-over-year
Month-over-Month
+0.1%
▲ 0.1%
Single Family
$400,481
Condo / Co-op
$336,460
The average home value in the 32408 ZIP code (Panama City Beach, Florida) is $365,838 as of February 2026. Home prices are declining, down 5.8% compared to last year.
A 3-bedroom home in 32408 is valued at $425,110. 1-bedroom units start around $265,854. Single-family homes average $400,481, while condos average $336,460.
The market in 32408 has a $331,084 spread between bottom-tier homes at $252,098 and top-tier homes at $583,183. Bottom-tier properties represent the primary opportunity range for real estate investors using the 70% rule, fix-and-flip, or BRRRR strategies.
Looking ahead, Zillow's forecast model projects home values in the 32408 ZIP code will increase 0.4% over the next 12 months, bringing the projected average to approximately $367,301. This modest projected change should be factored into any investment analysis for properties in this area.
This report is part of the Bay County market area in Florida. For a broader view of the housing market including rent data, market activity, and affordability analysis, see the full Bay County report.
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Market Snapshot
32408 Housing Market at a Glance
Key metrics for the last 3 months with trend direction.
| Metric | Dec 2025 | Jan 2026 | Feb 2026 | 3-Mo Change |
|---|---|---|---|---|
| Avg Home Value | $367,836 | $365,546 | $365,838 | ▼ 0.5% |
| Single Family Value | $399,676 | $399,375 | $400,481 | ▲ 0.2% |
Home Values
32408 Home Value Trend
Historical home values for ZIP code 32408. Switch between All Homes, Single Family, Bottom Tier, and Top Tier.
Source: Zillow Research ZHVI / ZORI · Updated monthly
By Bedroom
What Homes Cost in 32408
Median home values by bedroom count in this ZIP code.
| Bedrooms | Median Value |
|---|---|
| 1 Bedroom | $265,854 |
| 2 Bedrooms | $363,016 |
| 3 Bedrooms | $425,110 |
| 4 Bedrooms | $620,865 |
Property Types
Home Values by Property Type in 32408
How different property types compare in this ZIP code.
All Homes
$365,838
Single Family
$400,481
Condo / Co-op
$336,460
Bottom Tier
$252,098
Top Tier
$583,183
Forecast
12-Month Home Value Forecast for 32408
Zillow projects home values in 32408 will increase 0.4% over the next year, reaching approximately $367,301.
Current Value
$365,838
Projected Change
+0.4%
▲ 0.4%
Projected Value
$367,301
Source: Zillow Home Value Forecast (ZHVF). Forecasts are not guarantees.
Data Sources and Methodology
Home value data for ZIP code 32408 comes from the Zillow Home Value Index (ZHVI), updated monthly. ZHVI measures the typical home value using Zillow's automated valuation model, smoothed and seasonally adjusted.
This report was last updated February 2026. Data is refreshed on the 17th of each month.
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