The overall value of land for sale in Bay County recently on Land.com was almost $447 million. This represents 8,000 acres of farms and rural real estate for sale in Bay County. Bay County ranks 23rd in the Sunshine State for the total number of acres of land currently advertised for sale. Among cities in Bay County with farms and rural real estate for sale, Panama City featured the most land for sale. Based on its natural assets, Bay County's economy is dependent on tourism and recreation. Bay County is Florida's 22nd largest county (1,033 square miles). It's located in the Northwest Florida region of the state.