Real Estate in Panama City Beach
The average market price for residential Real Estate in Panama City Beach grew by about 4.5% to around $320,000 in 2019 and volume increased by about 12%. 2020 is expected to probably be about the same. The city has increased water and sewer services along Highway 98 and is building a new 45 million dollar water treatment plant to meet the anticipated increased demand from new development. Rental prices for a 1 bedroom apartment averaged about $1200 in 2019.
There are lots of neighborhoods in Panama City Beach, some are single developments with high rise condominiums while others are more traditional neighborhoods of single family homes. In Panama City Beach proper, the neighborhoods along the beach side of Highway 98 include Miramar Heights, Villa Chateaus, Suntime Beach, Summer Breeze, El Centro Beach, Summerwood, Open sands, Bid-A-Wee Beach, Bahama Beach, Lyndell Plantation, Palm cove, the Glades and Long Beach. These neighborhoods are mostly classic tourist accommodations with some residential properties as well.
Inside the city limits of Panama City Beach, on the bay side of Highway 98 are the neighborhoods of Palmeto Trace, Colony Subdivision, Beach Commerce Park and Waterfall. These areas are home to some of the newer developments in Panama City Beach.
Outside of town to the east, towards Walton County there are the neighborhoods of Laguna Beach, Royal Palms, Sunnyside on the Gulf, Kiska Beach, Westlake Estates and Carrilon Beach. These neighborhoods include a mixture of tourist accommodations and high-end residential homes.
To the other side of Panama City Beach, around Grand Lagoon are the neighborhoods of Bell Air, Sago Park, Crecent Beach, Biltmore Beach, Gulf Pines, Grand Lagoon shores, Thomas Drive Park, Emerald Point, Greentree, Lagoon Oaks, Hidden Lagoon, Point Royal, Pelican Bay, Grand harbor, Magnolia Beach, Dragon’s Ridge, Bay Point, Preserve on the Bay, Legend Lakes and Delwood Beach. This area, located towards Panama City and St. Andrew’s State Park includes more residential homes and some tourist accommodations.