32404 — Panama City, FL Home Values
Typical home value $288,494 as of June 2026 · 8th of 11 in Panama City, FL
Blue: typical home value (Zillow ZHVI) in ZIP code 32404, June 2021 to June 2026. This page shows observed data only; no forecast.
How 32404 compares in the Panama City, FL area
ZIP code 32404 (Panama City, FL) has a typical home value of $288,494 as of June 2026, ranking 8th of 11 ZIP codes tracked in the Panama City, FL area, more expensive than about 36% of ZIP codes in the metro. Prices here have moved +0.6% over the trailing 12 months. Over the past five years, the typical value in this ZIP code has changed +23.4%, from $233,698 in June 2021 to $288,494 in June 2026. Against observed rent, the typical home here sells for 13.3× the annual rent ($1,809/mo), a common way to gauge whether buying looks cheap relative to renting in this ZIP code.
Every figure above is observed Zillow data. Sialim's forecasting engine works at the metro level; see the Panama City, FL forecast for a modeled outlook, or browse the full ranked list of ZIP codes in Panama City.
Population and demographics
ZIP code 32404 has a population of 42,117, per the Census Bureau's American Community Survey 5-year estimate. By race and ethnicity: 70.3% White, 12.6% Black or African American, 7.4% Hispanic or Latino, 5.2% two or more races, 3% Asian, 1% another race, 0.3% Native Hawaiian or Pacific Islander, and 0.2% American Indian or Alaska Native.
Nearby public schools
| School | Address | Distance |
|---|---|---|
| CALLAWAY ELEMENTARY SCHOOL | 7115 E HIGHWAY 22, PANAMA CITY, FL | 4.3 mi |
| MERRITT BROWN MIDDLE SCHOOL | 5044 MERRITT BROWN WAY, PANAMA CITY, FL | 5.1 mi |
| TOMMY SMITH ELEMENTARY SCHOOL | 5044 TOMMY SMITH DR, PANAMA CITY, FL | 5.2 mi |
Distance is straight-line from the ZIP code's center; driving distance will be longer. School attendance is set by district boundaries, not proximity. Confirm which school a specific address is zoned for with the local school district. Source: National Center for Education Statistics.
Frequently asked questions
What is the typical home value in ZIP code 32404?
$288,494 as of June 2026, the latest month Zillow has published observed data for.
Is 32404 an expensive ZIP code in the Panama City, FL area?
32404 ranks 8th of 11 ZIP codes in the Panama City, FL area by typical home value, more expensive than about 36% of ZIP codes in the metro.
How much have home values in 32404 changed over the past year?
+0.6% over the trailing 12 months, from observed Zillow data.
Is it cheaper to buy or rent in ZIP code 32404?
The typical home price is 13.3× the observed annual rent in this ZIP code ($1,809/mo). Lower multiples favor buying over renting, all else equal.
What is the population of ZIP code 32404?
42,117, per the US Census Bureau's American Community Survey 5-year estimate.
What are the closest public schools to ZIP code 32404?
CALLAWAY ELEMENTARY SCHOOL (4.3 mi), MERRITT BROWN MIDDLE SCHOOL (5.1 mi), TOMMY SMITH ELEMENTARY SCHOOL (5.2 mi), by straight-line distance from the ZIP code's center. School attendance is set by district boundaries, not proximity. Confirm assignment with the local school district.
Is this page showing a forecast for 32404?
No. Every number on this page is observed Zillow data as of June 2026, not a forecast. Sialim's forecasting engine runs at the metro level; see the Panama City, FL forecast for a modeled outlook.
ZIP-level values shown here are observed Zillow data, not forecasts. Sialim's forecasting engine works at the metro level today; ZIP-level forecasts are planned for Sialim Pro. Data © Zillow, via Zillow Research.