Panama City is a historic community overlooking St. Andrew Bay, minutes from the iconic beaches of the Emerald Coast. This Florida city is often mistaken for its neighbor and popular vacation destination, Panama City Beach, but the two cities differ significantly. While Panama City Beach attracts tourists and second homeowners, Panama City has more full-time residents. "It offers a residential lifestyle with proximity to all the fun things you get to do on vacation," says local broker associate Abigail Davis. She has been selling properties across the area with Corcoran Reverie for over five years. "It's a tight-knit community with a lot of big-town opportunities and a small-town heart." The city also has a burgeoning arts community, a developing downtown and several marinas and docks to access the Bay.
Panama City is undergoing a large-scale infrastructure revitalization project funded by state loans, FEMA assistance and other grants. The city's website provides detailed reports of under-construction areas and their current progress. Most construction efforts focus on upgrading sewage and drinking water systems in the older south side neighborhoods, adding sidewalks wherever possible, and repairing damage sustained by Hurricane Michael, which made landfall as a Category 5 storm in 2018. "The greater picture for Panama City is that you have this incredible, growing and revitalizing community with a breath of fresh air breathed into." Panama City is part of Bay County, where tourism is the largest industry. The Tyndall Air Force Base is just south of the city, bringing many members of the military and their families to the city. Other major employers include HCA Florida Gulf Coast Hospital and Bay Medical Sacred Heart.
Waterfront homes and three-bedroom bungalows
Panama City's housing market has remained relatively stagnant compared to Panama City Beach, where investors and vacation rentals are driving up prices; the median price of a Panama City home is around $305,000, lower than the American median. Homes here are primarily three-bedroom bungalows and cottages that sell for less than $350,000, though newly built luxury homes and condos with waterfront views can list and sell for over $1 million. New homes sit alongside midcentury properties, with early 20th-century houses on the south side in historic districts like Millville.
A day on St. Andrew Bay
St. Andrew Bay plays a major role in the lives of Panama City residents. "Most people spend a lot of their time on the bay, and for many people, it's right in their backyard," Davis says. "Many people here live and breathe that outdoor lifestyle." The water is accessible across the city. "There are so many locations where you can drop in your boats, especially in Lynn Haven," Davis says. St. Andrew Marina is a popular spot to dock boats or take a fishing charter. The city's proximity to the coast allows its residents to frequent beaches and islands. "People from Panama City will take their boats and drop them at Shell Island," Davis says. "It's shallow water, so people will hang out, and boats will come by with food. It's a really fun thing to do." The trademark emerald waters at Panama City Beach are 10 miles away by road. The city also features several inland parks and playgrounds.
A revitalizing Historic Downtown district with a growing arts district
"We're seeing a total revitalization of downtown Panama City," Davis says. "New restaurants are coming in, there are brand new cobblestone streets, and a historic movie theater is being renovated." Harrison Avenue is the beating heart of Historic Downtown Panama City. It's lined with brightly painted pubs, bars and breweries that neighbor local boutiques and coffee shops, all lit by old-fashioned streetlamps. On Saturdays, the Panama City Farmers Market features dozens of local vendors at McKenzie Park. The Historic St. Andrew neighborhood overlooks the St. Andrew Bay and features several seafood restaurants and oyster bars. Much of the city's big-box retailers and grocery stores are in various shopping centers concentrated along West 23rd Street.
Historic Downtown Panama City is peppered with art galleries, and the Martin Theatre is an old-fashioned cinema that hosts tribute concerts and other live performances. "There's all sorts of events downtown, with a lot of really fun things coming in," Davis says. "We have a new art community. You could walk down the street and see local artists creating 3D artwork on the sidewalk." The CityArts Cooperative is an artistic hub for the city, and the Panama City Center for the Arts features exhibitions, classes and other opportunities for local artists.
Niche ranks the Rising Leaders Academy as the best charter school in America
Bay District Schools scores an overall B-plus on Niche and serves over 27,000 students. The Rising Leaders Academy is a local charter school for kindergarten through twelfth-grade students. The Academy has an A-plus on Niche, ranking it as the best charter high school in America. Other high-ranking schools in the district include the A-rated North Bay Haven Charter Academy High School and the A-minus-rated A. Crawford Mosley High School. Florida State University, one of the most well-regarded universities in the state, has a Panama City campus with smaller class sizes.
Hopping on the BayWay
Panama City is mostly car-dependent, but Bay County Transportation Services operates the BayWay bus – previously known as the Bay Town Trolley. BayWay buses serve seven fixed routes, and route six travels over the Hathaway Bridge into Panama City Beach, 10 miles away. U.S. Route 98 cuts through the heart of Panama City, and U.S. Route 231 runs northeast toward Alabama. The Northwest Florida Beaches International Airport is about 23 miles away.
The impact of Hurricane Michael
Due to its location on the coast of the Florida Panhandle, Panama City is at extreme risk for hurricane and tropical storm damage. In 2018, the city sustained a direct hit from Hurricane Michael, a Category 5 storm; in its aftermath, government officials secured over $300 million in disaster relief funds, and reconstruction efforts to repair water and sewage systems are ongoing. "Hurricane Michael left a lasting impact on the community, but we did come back in a very strong way," Davis says. "We came together in a really beautiful, arm-in-arm kind of way." Severe category five storms like Michael are rare, but experts advise property owners to purchase flood insurance.
Crime
Crime statistics for Panama City are not readily available.
Stillwell Real Estate, LLC is a full service real estate brokerage located in downtown Fernandina Beach, Florida, on beautiful Amelia Island. We are here to guide our clients through the purchase or sale of a home, from start to finish. Client communication is key to running a successful real estate office and we pride ourselves on our ability to offer concise and prompt service.
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. Our sources include: Accuweather, Public Records and Neustar. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
