House Prices

House Prices & Home Values Panama, IL 2026


Average Data

average house price$134,000
average size per house1260 ft²
average price per ft²107 $ / ft²

04/17/2026 - The value range (VR) for house prices in Panama, IL is $106/ sqft to $106/ sqft. An average home with 1260 sqft costs approximately $133,560 to $133,560. Panama, IL includes 1 ZIP codes and it is located in Montgomery county. The lowest prices are found in ZIP 62077, while the highest are in ZIP 62077. The average price per sqare feet is $107. Our analysis is based on 1 property listings.

Avergage prices by ZIP codes Panama

6207799 $ / ft²




Historical development of home values in Panama

Year Estimated value (USD) Change vs. 2025
2010 $62,232 -53.6%
2011 $59,826 -55.4%
2012 $59,664 -55.5%
2013 $61,895 -53.8%
2014 $64,972 -51.5%
2015 $68,307 -49.0%
2016 $71,872 -46.4%
2017 $75,751 -43.5%
2018 $79,939 -40.3%
2019 $83,645 -37.6%
2020 $87,969 -34.4%
2021 $100,056 -25.3%
2022 $116,642 -13.0%
2023 $123,005 -8.2%
2024 $130,121 -2.9%
2025 $134,000 0.0%

Graph: estimated home values in Panama over time (USD)



Example: 100% financing house in Panama

Loan amount: $134,000

Interest rate: 6.00%

Fixed monthly payment: $803.40

Breakdown in the 1st month:
Interest portion: $670.00  –  Principal portion: $133.40

Yearly breakdown (100% financing)

Year Interest per year ($) Principal per year ($) Remaining balance at year-end ($)
1 $7,995.24 $1,645.54 $132,354.46
2 $7,893.74 $1,747.03 $130,607.44
3 $7,785.99 $1,854.78 $128,752.65
4 $7,671.59 $1,969.18 $126,783.47
5 $7,550.14 $2,090.64 $124,692.84
6 $7,421.19 $2,219.58 $122,473.26
7 $7,284.29 $2,356.48 $120,116.78
8 $7,138.95 $2,501.82 $117,614.95
9 $6,984.64 $2,656.13 $114,958.83
10 $6,820.82 $2,819.95 $112,138.87
11 $6,646.89 $2,993.88 $109,144.99
12 $6,462.23 $3,178.54 $105,966.45
13 $6,266.19 $3,374.58 $102,591.87
14 $6,058.05 $3,582.72 $99,009.15
15 $5,837.08 $3,803.69 $95,205.45
16 $5,602.47 $4,038.30 $91,167.15
17 $5,353.40 $4,287.37 $86,879.78
18 $5,088.96 $4,551.81 $82,327.97
19 $4,808.22 $4,832.55 $77,495.42
20 $4,510.16 $5,130.61 $72,364.81
21 $4,193.71 $5,447.06 $66,917.75
22 $3,857.75 $5,783.02 $61,134.72
23 $3,501.07 $6,139.71 $54,995.02
24 $3,122.38 $6,518.39 $48,476.63
25 $2,720.34 $6,920.43 $41,556.20
26 $2,293.51 $7,347.27 $34,208.93
27 $1,840.34 $7,800.43 $26,408.50
28 $1,359.23 $8,281.54 $18,126.95
29 $848.44 $8,792.33 $9,334.62
30 $306.15 $9,334.62 $0.00

Note: The calculation is based on a standard annuity mortgage with a fixed monthly payment over the entire term. Extra payments, interest rate changes, and additional purchase costs (e.g. taxes, notary fees) are not included.


How to sell in Panama, IL


1500 sqft3900 sqft
Ø selling price$194,206$413,128
Ø fast selling$176,550$371,815
Ø high price sale$211,861$454,440

In 2026, houses in Panama, IL will be offered at an average price of $107 per square foot. A 1,500 sqft home priced at $194,206 is 21.32% more expensive per square foot than a 3,900 sqft home priced at $413,128. Home prices in Panama, IL vary significantly depending on the neighborhood and location. For a quick sale, a 2,700 sqft home should be listed at around $286,011. Sellers who can wait longer may achieve a higher price of up to $349,569.


Panama, IL Travel and Living Guide

Overview

Panama, IL is a small village in central Illinois located across Montgomery County and Bond County.
The community offers classic small-town charm, quiet neighborhoods, and easy access to larger hubs like Hillsboro and Greenville.

Community & Lifestyle

Founded amid the region's agricultural roots, Panama, Illinois retains a close-knit feel where local events and traditions bring residents together.
Affordable housing and open spaces make Panama, IL real estate appealing to families, retirees, and remote workers seeking a relaxed pace.
Commuters appreciate convenient regional routes that link the village to jobs, shopping, and healthcare throughout south-central Illinois.

Outdoors & Recreation

Outdoor enthusiasts can explore nearby parks, fishing spots, and prairie landscapes that showcase the natural beauty of Montgomery County.

Education & Services

Local schools, libraries, and civic groups reinforce the town?s emphasis on education, volunteerism, and neighborly support.

Business & Economy

Businesses in and around Panama, IL include service providers, farms, and small retailers that anchor the area?s everyday economy.

Visiting

Visitors discover friendly diners and community gatherings that highlight Midwest hospitality and local heritage.
Whether you are planning a move or a day trip, Panama, Illinois delivers a welcoming, budget-friendly base in the heart of the Prairie State.



FAQ – Home Values in Panama

What is the median home value in Panama in 2026?

In 2026, the typical home value in Panama is about $134,000 for an average home size of 1260 square feet. This corresponds to an average price of roughly $107 per square foot.

What is the average cost per square foot in Panama?

In 2026, homes in Panama sell for an average of around $107 per square foot, with a typical range between $106 and $106 per square foot, depending on the property’s location, condition, and lot size.

What is the average home size in ?

The average home size in Panama is about 1260 square feet, with an estimated 2026 value around $134,000.



Locations close to Panama, IL

Patterson, IL103 $ / ft²
Piasa, IL99 $ / ft²
Ramsey, IL41 $ / ft²
Ohlman, IL93 $ / ft²
Nokomis, IL38 $ / ft²
New Douglas, IL81 $ / ft²
  imprint  Privacy