Panama City, FL · Bay County, FL · 5,682 properties with county records
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Fountain 32438 is in Bay County, FL, part of the Panama City Metro. The typical home value in Fountain 32438 is $161,598 (Zillow Home Value Index, September 2026), up 3.6% from a year earlier. Homes that sold went under contract in a median 5 days, and 0% of listings took a price cut (Redfin Data Center, period ending Sep 30, 2026). On Lotvox's market-leverage reading of that data, with 15 months of supply, neither buyers nor sellers hold a clear edge. The Lotvox Turnover Index is not published for 32438 yet: it appears only where a held-out test on the county's recorded sales beats chance. Across Bay County's 10 ZIPs with a Zillow value, the middle one is $306,036, so 32438 sits 47% below the county middle. Lotvox holds county assessor records for 5,682 properties in 32438.
Headline value data through September 2026. Each source below carries its own date.
Is 32438 a buyer's or seller's market?
By Lotvox's leverage reading of Redfin data through Sep 30, 2026, 32438 is a balanced market. Homes went under contract in a median 5 days with 15 months of supply.
What do homes in 32438 sell for?
The typical home value in 32438 is $161,598 (Zillow Home Value Index, September 2026), up 3.6% in a year. County records put the median at about $166 per square foot (computed Apr 21, 2026).
Who is likely to sell in 32438?
Lotvox only publishes its Turnover Index where a held-out test on recorded sales beats chance, and 32438 has not passed that test yet. When it does, the score appears here.
How does 32438 compare to Bay County?
32438's typical value of $161,598 compares with a middle value of $306,036 across Bay County's 10 ZIPs. Both are Zillow Home Value Index figures for September 2026.
Where does this 32438 data come from?
Values and rents come from Zillow's research data, sales pace from the Redfin Data Center, and property counts and turnover from county assessor and deed records. Each number on this page carries its own date, and the method is published at lotvox.com/methodology.
Not available for this ZIP — no rent or ownership-cost estimate published here.
Rent to price
Not available for this ZIP — no price-to-rent ratio published here.
83
/100
strong
hot · balanced · prices rising year-over-year.
Verdict grades housing conditions; buyer-timing, investor cash-flow, supply-tightness and county macro scores answer different questions — each in its own section.
Buyer / seller
buyer-timing lens
Balanced Market
DOM: 106d (rising) · Market Dynamics rolling median · hourly
Score Components
Payment Burden (25%)0
Valuation Gap (25%)100
Supply & Demand (20%)40
Days on Market (5%)100
Balanced market in 32438. List price is roughly fair — focus on condition and value. Payment burden: 23.5% of median income. Median days on market: 106. Renting is approximately 38% cheaper than buying (price-to-rent ratio: 16.6). Market appears 71% overpriced vs. assessed values.
Balanced market conditions. Prices roughly aligned with fundamentals — similar to stable periods in 2014-2015.
HOTBALANCED
Market is running hot with fast-moving inventory. Conditions are balanced between buyers and sellers. Prices up 3.6% YoY.
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Median price: Zillow Home Value Index (ZHVI). Median rent: Zillow Observed Rent Index (ZORI). Days on market and active listings: Redfin Data Center, rolling 90 days.
Valuation
3 lenses, different anchors
vs assessor
—
Market vs assessed value — a tax-roll lag, not a deal signal.
Avg assessor$0
county CAMA · properties_v
vs income
—
Fair-value model not available for this market.
fair_value_scores · 10-state coverage
vs county comps
+60.0%
County-wide market — the widest, slowest signal.
Bay+60.0%
Calhoun+41.3%
Washington+55.3%
Lotvox comps · mv_valuation_gap
Read together: Above county comps but sustainable on local incomes.
Housing pulse — Housing pulse could not be loaded (429).
Price bands
mix-shift
Price Bands — the median behind the median
A single median rises whenever expensive homes become a bigger share of what sells, even if no tier got more expensive. These are the tiers underneath it, computed from recorded arms-length deed transactions in Bay.
Current tiers · 12 months to Aug 25floor 10 sales/tier
6 tiers had too few sales in this ZIP and are shown at county or metro level — see the stamp on each row.
Tier
Median
$/sqft
Sales
Share
Source
Under $250k
$60k
$77
100
91.7%
ZIP
$250k–$500k
$350k
$192
3,079
—
COUNTY · Bay, FL
$500k–$750k
$598k
$262
961
—
COUNTY · Bay, FL
$750k–$1M
$828k
$299
303
—
COUNTY · Bay, FL
$1M–$1.5M
$1.17M
$360
98
—
COUNTY · Bay, FL
$1.5M–$2M
$1.61M
$458
52
—
COUNTY · Bay, FL
$2M+
$3.12M
$682
50
—
COUNTY · Bay, FL
All sales (the headline median)
$69k
$98
109
100%
ZIP
No mix-shift history for this area. no geography from this ZIP up to metro has 8+ quarters of 10+ recorded arms-length sales across at least 4 price tiers. Trends are drawn only from recorded transactions; the last-sale snapshot above cannot carry a time series, because a property that sold twice keeps only its latest sale — which drags the history upward through the tiers and would invent the very mix shift this section exists to test for.
National context — not local
NAR's aggregate existing-home median for the United States and the South census region. This is the figure the tiers above are a check on. It is national/regional and says nothing about 32438.
United States
South
Copyright, National Association of Realtors. Reprinted with permission. Retrieved from FRED, Federal Reserve Bank of St. Louis. FRED publishes a rolling 13-month window for these series.
Tiers computed from Lotvox parcel and deed substrate through Aug 25 (10 later months withheld as partially loaded). Sample floor 10 sales per tier; below it a figure is drawn from the county or metro and labelled, or left blank. Multi-parcel bulk deeds and duplicate records are excluded.
ZIP score grades housing; county score adds macro distress (jobs, debt, poverty). They answer different questions.
This ZIP code crosses county lines. Property data shows Bay (84%), Calhoun (13.7%) and Washington (2.3%). County metrics below are shown separately for each county.
Bay (84%)
Calhoun (13.7%)
Washington (2.3%)
ZIP 32438→3 counties
12-Month Direction
-10Moderate Deterioration
Confidence
100%
DeterioratingStableImproving
BuildersLens Market Intelligence
Market Score
48· Weak
Market Score grades housing-market conditions (affordability, valuation, supply). The county Healthy/Moderate/Distressed badge measures economic distress (jobs, debt, poverty) — the two can read differently.
Payment Burden
25.1%
affordable
Source: Freddie Mac PMMS (FRED MORTGAGE30US) 7.32% · Zillow ZHVI · Census income · Updated 2026-10-22
Valuation15
+60%
overvalued
Source: Lotvox comps · Updated 2026-05-15
Supply/Demand
15 mo
buyer's market
Source: Redfin Data Center (ZIP): inventory ÷ monthly homes sold · Updated 2026-09-30
Insurance Risk
47/100
moderate
Source: FEMA/NFIP · Updated 2026-04
County distress indicators
ECONOMIC INDICATORS
Economic indicators are mixed relative to comparable U.S. counties.
Unemployment Rate
4.4%
FL 4.5%US 4.4%
Near national averages
Source: BLS LAUS · 2026-0857d ago
Poverty Rate
11.8%
FL 12.4%US 12.6%
Near national averages
Median Household Income
$70,188
FL $72,373US $82,006
Near national averages
Cost of Living (RPP)
101.2
FL 101.2US 100.3
Near national averages
Home Value (ZHVI)$345,836
County data: Zillow Home Value Index (ZHVI), BLS, Census ACS, CDC, FBI UCR, Federal Reserve, USDA · Coverage derived from property records · Counties with <2% coverage excluded as likely data errors
