Panama City Homes under $500,000

Panama City Homes under $500,000

Welcome to Panama City, Florida—a vibrant coastal gem nestled in Bay County, where sun-soaked beaches meet a charming Southern atmosphere. Known for its stunning white sand beaches and crystal-clear waters, Panama City offers a perfect blend of relaxation and adventure. Whether you're drawn to the thrill of water sports, the tranquility of nature trails, or the excitement of local festivals, this city has something for everyone.

As you explore the real estate market, you'll be delighted to discover that Panama City boasts a variety of homes available for under $500,000. This makes it an ideal destination for first-time homebuyers, families, or anyone looking to invest in a slice of paradise without breaking the bank. From cozy beach cottages to modern single-family homes, the options are plentiful. Many properties feature spacious yards, updated interiors, and proximity to the area's renowned attractions.

Imagine waking up to the sound of waves crashing on the shore or taking leisurely strolls along the picturesque waterfront. The community here is welcoming and diverse, with local eateries, shops, and recreational activities just a stone's throw away. Plus, with the ongoing development in the area, there’s never been a better time to invest in your dream home in Panama City.

Whether you're seeking a vacation retreat or a permanent residence, let Panama City charm you with its coastal lifestyle and affordable housing options. Your dream home awaits in this beautiful Florida paradise!

Newest Panama City Homes under $500,000

3910 E 9th Street, Panama City
$245,000
3 Beds ⋅ 2 Baths ⋅ 796393 MLS
Property is being sold As Is. 3 bedroom 2 bath room home locate in Southeast Panama City close to Hwy 98. Buyer to verify all pertinent information including square footage and lot dimensions.

3910 E 9th Street, Panama City
2818 Woodmere Drive, Panama City
$418,900
4 Beds ⋅ 2 Baths ⋅ 796388 MLS
This Forest Park home checks all the boxes! Centrally located and thoughtfully updated, this 4-bedroom, 2-bathroom home features a desirable split floor plan, brick exterior, and a host of recent improvements. The renovated kitchen offers stainless steel appliances and a walk-in pantry, while updated paint inside and out and newer flooring give the home a fresh, move-in-ready feel. Outside, enjoy a beautifully landscaped yard with mature fruit trees, a useful yard building, and an attached enclosed, solar-heated swimming pool--perfect for relaxing and enjoying the pool nearly year-round. Ideally situated on Woodmere Drive between 23rd Street and Baldwin Road, this home is just minutes from shopping, restaurants, Gulf Coast Hospital, medical offices, local businesses, and more. Conveniently located for commuters, with an easy drive to Tyndall Air Force Base and Naval Support Activity Panama City in Panama City Beach. Come see why this Forest Park home deserves a spot at the top of your list! Buyer to verify measurements, if important as part of their due diligence.

2818 Woodmere Drive, Panama City
3865 Wall Street Unit HS 127, Panama City
$260,990
3 Beds ⋅ 2 Baths ⋅ 796377 MLS
Welcome to Magnolia Ridge, a desirable new home community in Panama City offering thoughtfully designed homes with modern finishes, functional layouts, and exceptional value. The Mays floor plan features a smart single-story design that blends comfort, style, and everyday functionality. Spacious secondary bedrooms are located near the front of the home, providing privacy and flexibility for family, guests, or a home office. At the heart of the home, the open-concept kitchen, dining area, and family room flow seamlessly together, creating a bright and inviting space for entertaining and everyday living. The well-appointed kitchen features quartz countertops, stainless steel appliances, 42-inch cabinetry, and ample workspace. Privately situated at the rear, the owner's suite offers a relaxing retreat with a generous walk-in closet and a beautifully appointed en-suite bath. This home is currently under construction. Photos, floor plans, and renderings are for illustrative purposes only; actual colors, finishes, features, options, and layout may vary. Schedule your private tour of the Mays at Magnolia Ridge today and ask about current builder incentives! Information is deemed reliable but not guaranteed. Buyer or buyer's agent should verify all information. Pricing, specifications, features, and availability are subject to change without notice.

3865 Wall Street Unit HS 127, Panama City
9860 S Thomas Drive Unit 1012, Panama City
$499,000
3 Beds ⋅ 3 Baths ⋅ 796357 MLS
ABSOLUTELY GORGEOUS, FULLY REMODELED 3BR/3BA + BUNK ROOM GULF-VIEW UNIT! Don't miss your opportunity to see this stunning residence at Laketown Wharf, where thoughtful updates and upscale finishes create the perfect combination of style, comfort, and coastal living. With more than 1,600 square feet of beautifully appointed resort living space, this impressive unit offers fantastic views from both inside and out. Rental History: 2024 $75,402.72, 2025 - $75,569.16 & YTD 2026 - $72,749.93. From the moment you step inside, you'll appreciate the beautiful luxury vinyl plank flooring that flows throughout the entire unit. The spacious kitchen features stainless steel appliances, quartz countertops, a subway tile backsplash, and open shelving, creating a modern and sophisticated look. The same attention to detail continues throughout the bathrooms, which showcase quartz countertops, custom cabinetry, and elevated dual vanity sinks. Stylish shiplap accents throughout the unit add warmth and character while enhancing the relaxed coastal atmosphere. When it's time to enjoy the outdoors, the oversized Gulf-facing balcony is the perfect place to unwind, entertain, and take in breathtaking views of the sugar-white sand beaches and emerald-green Gulf waters. Located in the heart of Panama City Beach, Laketown Wharf places you just steps from the world-famous beach and offers an impressive collection of resort amenities designed for the whole family. Enjoy five distinctive pools, 810 Billiards & Bowling, the Kids Funscape Playground, Splash Bar & Grill, a Gulf-view fitness center, covered garage parking, and a 52,000-square-foot lakefront boardwalk featuring shops and dining. With easy access to the beach and just a short drive to Pier Park, Topgolf, and Dolly Parton's Pirate Theater, you'll have everything you need for an unforgettable coastal lifestyle. Whether you're searching for a vacation getaway, a proven rental investment, or a full-time residence, this beautifully remodeled Laketown Wharf unit offers an exceptional opportunity to own your own piece of paradise. Schedule your private showing today! ALL INFORMATION CONTAINED HEREIN IS DEEMED RELIABLE, BUT NOT GUARANTEED AND SHOULD BE VERIFIED BY BUYER. SUBJECT TO ERRORS, OMISSIONS IN PRIOR SALE, CHANGES OR WITHDRAWALS WITHOUT NOTICE

9860 S Thomas Drive Unit 1012, Panama City
406 Raven Lane, Panama City
$260,000
3 Beds ⋅ 3 Baths ⋅ 796345 MLS
Welcome to 406 Raven Lane, a newer construction 3-bedroom, 2.5-bathroom home in Panama City, Bay County, Florida. Tall ceilings and an open-concept layout make the living, dining, and kitchen areas feel bright and spacious, and durable LVP flooring runs throughout the living spaces. The kitchen features all stainless steel appliances and flows right into the main living area, making it easy to cook, entertain, and stay connected. Outside, the yard is spacious enough for dogs or play but small enough that mowing and upkeep stay easy. The metal roof adds long-term durability. An attached 1-car garage adds space for parking and storage. Conveniently located near shopping, dining, Tyndall Air Force Base, and Panama City beaches, this newer construction home is competitively priced. Schedule your private showing today!

406 Raven Lane, Panama City
816 Transmitter Road, Panama City
$359,900
4 Beds ⋅ 3 Baths ⋅ 796319 MLS
Currently being used as a short term rental. Rental projections available. Conveniently located just 10 miles from Tyndall Air Force Base and 15 miles from the beach, this spacious 5-bedroom, 3-bathroom home offers comfort, efficiency, and flexibility. Highlights include a private pool with a brand-new 2025 liner and motor, a durable 2019 metal roof, and PAID-OFF solar panels keeping the average electric bill around $30 per month. The main level features 2 bedrooms, a bonus room with a closet, and 2 bathrooms. The upper level offers 2 bedrooms, 1 bathroom, a fully equipped kitchen, a living room, private outdoor access, and a wooden deck. Situated on a .4-acre lot with rear access, the property includes an RV HOOKUP, RV/carport, shed, and a carport/storage pavilion. A concrete slab provides additional potential for a shed, basketball court, or other uses, offering ample space and versatility for a variety of needs.

816 Transmitter Road, Panama City
6437 Oakshore Drive, Panama City
$225,000
2 Beds ⋅ 3 Baths ⋅ 796311 MLS
Coastal living just minutes from Tyndall Air Force Base. This 2-bedroom, 2.5-bath townhome in Oak Shore Villas offers community beach access on East Bay and a public waterfront park with a boat ramp nearby. The main level features an open floor plan, half bath, attached garage, and private patio. Upstairs, you'll find 2 bedrooms and 2 full bathrooms. The spacious primary bedroom features 3 closets and a private balcony, while Bedroom 2 offers 2 closets and a full bath. The water heater was manufactured in 2020. With generous storage, a well-designed layout, and coastal amenities close by, this townhome is ready for its next owner. Schedule your showing today!

6437 Oakshore Drive, Panama City
6505 Thomas Drive Unit 707, Panama City
$385,000
2 Beds ⋅ 2 Baths ⋅ 796304 MLS
2BR/2BA waterfront condo in Summerhouse in Panama City Beach. Gulf views from a 120 sq ft balcony. Furnished 7th-floor unit, built 1985. This furnished 2-bedroom, 2-bath waterfront condo at Summerhouse in Panama City Beach offers 1,015 sq ft of heated and cooled living space on the 7th floor of the B Building's east side. Unit 707 pairs Gulf and lagoon views with a 120 sq ft balcony and wall-to-wall sliding glass doors that bring natural light and coastal views into the living space. Tile flooring runs throughout the unit for a consistent, easy-care finish. The kitchen has been updated with appliances, counters, cabinets, sink, lighting and hardware. Per the owner, the refrigerator and dishwasher were replaced within the last two years. Both bathrooms also feature updated cabinets, sinks, lighting and hardware. The split-bedroom layout includes a waterfront primary bedroom with balcony access, and the condo is offered furnished. Summerhouse is a Gulf-front condominium complex with approximately 400 feet of beach frontage. Community amenities include two pools, including one heated in winter, a kiddie pool, spa/hot tub, tennis and shuffleboard courts, game room, community and owners lounge areas, BBQ grills, gazebo and picnic areas, elevators, security, and onsite homeowners and rental offices. The lobby, check-in and lounge areas have also been updated, along with a small onsite store area for essentials and snacks. The property is located on Thomas Drive, with St. Andrews State Park, restaurants, grocery shopping, and area fishing, diving and sightseeing boat operations nearby. The MLS notes immediate occupancy and owner pet-friendly status. Monthly HOA dues are $1,211.06 and include accounting, cable TV, insurance, internet, grounds maintenance, management, pest control, security, sewer, trash and water.

6505 Thomas Drive Unit 707, Panama City
1215 Babby Lane, Panama City
$289,000
3 Beds ⋅ 2 Baths ⋅ 796299 MLS
Great location just minutes from Tyndall Air Force Base! This well-maintained 3-bedroom, 2-bath home sits in a quiet, established neighborhood and features a bright bonus family room with flexible space for entertaining, a home office, gym, or playroom. The roof and HVAC were replaced in 2019. Conveniently located near parks, boat ramps, shopping, schools, beaches, and all that Bay County has to offer. A great opportunity for a primary residence, retirement home, or investment property.

1215 Babby Lane, Panama City
7331 John Levitow Lane, Panama City
$254,900
4 Beds ⋅ 2 Baths ⋅ 796294 MLS
Welcome to the Sutton Plan, one of our new plans at Liberty in Panama City, Florida. The Sutton is a spacious single-story home with 1,439 square feet of comfortable living. This beautiful home offers 4 bedrooms with 2 bathrooms, and a 1-car garage. As you enter the home, the foyer welcomes you with beautiful EVP flooring which spans throughout the home in the main areas and bathrooms. Right by the front door are the 3 guest bedrooms, a full bathroom, and down the hallway is the laundry room and storage area leading into the kitchen and living room. Each bedroom boasts plenty of space and sizeable closets for organization with soft carpet flooring. The kitchen is equipped with beautiful granite countertops, stainless steel appliances, and beautiful white cabinetry. The pantry is located next to the laundry room across from the linen and coat closets. Natural light illuminates this main area for your family and friends to enjoy. The back yard features a back patio located by the primary bedroom and the dining area. The spacious primary bedroom features its own bathroom complete with granite countertops, a large walk-in closet, and a relaxing shower. Both bathrooms feature beautiful granite countertops and white cabinetry. In addition to all the features and amenities our Sutton plan offers, each is built with our Smart Home technology package, designed to bring the ease and convenience of life right to your fingertips. On the outside of this popular plan, you will see durable vinyl siding, a rear patio to enjoy the spacious back yard. Sidewalks line the neighborhood streets for you to enjoy the beautiful Florida weather. Our Liberty community features underground utilities making it less susceptible to damage from severe weather leading to fewer outages and more reliable service. Residents of Liberty can enjoy exclusive access to two amenity centers, complete with two pools, a children's splash pad, two playgrounds for endless fun, a well-equipped fitness center, two pickleball courts and a basketball court to name a few things. To learn more about this home for yourself, call us to get connected today!

7331 John Levitow Lane, Panama City
7324 John Levitow Lane, Panama City
$264,900
4 Beds ⋅ 2 Baths ⋅ 796290 MLS
Welcome to the Bowen, a new floor plan located at Liberty in Panama City, Florida. The Bowen is a spacious single-story home floor plan just over 1,500 square feet with 4-bedrooms with 2-bathrooms, and a 1-car garage. Upon entering the front door, you will immediately notice the 9' raised ceilings met with an inviting foyer and hall leading to the second and third bedrooms; with a full bathroom tucked in between. Also, upon entering the home you will have immediate access to the single-car garage, storage, and your laundry room. Just beyond the garage is your fourth bedroom that could also serve as an office. Each bedroom offers plenty of space and sizeable closets for organization. As you continue to the end of the hall, you will find the remarkable open layout of the dining and living area meeting a beautiful kitchen. The kitchen includes granite countertops, stainless steel appliances, beautiful white cabinetry, and a peninsula perfect for serving guests and for additional seating. With natural light and nearby back door and patio access, the living and dining area are integrated perfectly to complete this space for you and your guests to enjoy. This plan offers easy maintenance in the main living area and all bathrooms with our engineered vinyl plank flooring. The primary bedroom is tucked away off the living area. The elegant sunlight beaming in, this suite offers a serene retreat with close access to the patio from the living area. The primary bathroom features granite countertops and a large walk-in closet. In addition to all the features and amenities our Bowen Plan offers, each is built with our Smart Home technology package, designed to bring the ease and convenience of life right to your fingertips. On the outside of this popular plan, you will see durable vinyl siding, a rear patio to enjoy the spacious back yard. Sidewalks line the neighborhood streets for you to enjoy the beautiful Florida weather. Our Liberty community features underground utilities making it less susceptible to damage from severe weather leading to fewer outages and more reliable service. Residents of Liberty can enjoy exclusive access to two amenity centers, complete with two pools, a children's splash pad, two playgrounds for endless fun, a well-equipped fitness center, two pickleball courts and a basketball court to name a few things. To learn more about this home for yourself, call us to get connected today!

7324 John Levitow Lane, Panama City
7327 John Levitow Lane, Panama City
$264,900
4 Beds ⋅ 2 Baths ⋅ 796292 MLS
CORNER LOT! Welcome to the Bowen, a new floor plan located at Liberty in Panama City, Florida. The Bowen is a spacious single-story home floor plan just over 1,500 square feet with 4-bedrooms with 2-bathrooms, and a 1-car garage. Upon entering the front door, you will immediately notice the 9' raised ceilings met with an inviting foyer and hall leading to the second and third bedrooms; with a full bathroom tucked in between. Also, upon entering the home you will have immediate access to the single-car garage, storage, and your laundry room. Just beyond the garage is your fourth bedroom that could also serve as an office. Each bedroom offers plenty of space and sizeable closets for organization. As you continue to the end of the hall, you will find the remarkable open layout of the dining and living area meeting a beautiful kitchen. The kitchen includes granite countertops, stainless steel appliances, beautiful white cabinetry, and a peninsula perfect for serving guests and for additional seating. With natural light and nearby back door and patio access, the living and dining area are integrated perfectly to complete this space for you and your guests to enjoy. This plan offers easy maintenance in the main living area and all bathrooms with our engineered vinyl plank flooring. The primary bedroom is tucked away off the living area. The elegant sunlight beaming in, this suite offers a serene retreat with close access to the patio from the living area. The primary bathroom features granite countertops and a large walk-in closet. In addition to all the features and amenities our Bowen Plan offers, each is built with our Smart Home technology package, designed to bring the ease and convenience of life right to your fingertips. On the outside of this popular plan, you will see durable vinyl siding, a rear patio to enjoy the spacious back yard. Sidewalks line the neighborhood streets for you to enjoy the beautiful Florida weather. Our Liberty community features underground utilities making it less susceptible to damage from severe weather leading to fewer outages and more reliable service. Residents of Liberty can enjoy exclusive access to two amenity centers, complete with two pools, a children's splash pad, two playgrounds for endless fun, a well-equipped fitness center, two pickleball courts and a basketball court to name a few things. To learn more about this home for yourself, call us to get connected today!

7327 John Levitow Lane, Panama City
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