Annual Market Overview — Pullman Single-Family Median Prices (2022)
This report summarizes median sale prices for single-family homes in Pullman based on information from the Pacific Regional Multiple Listing Service (our local MLS) for the period of January 01, 2020 to December 31, 2022.
Analysis from Justin Cofer
In 2022, Pullman recorded 231 closed single-family home sales with a median sold price of $459,000. Compared to 2021, sales volume declined modestly (258 → 231, roughly -10%), while the median price increased sharply ($399,000 → $459,000, about +15%). On the surface, 2022 appears to be a strong appreciation year—and it was—but the composition of that performance matters. Much of the pricing strength was driven by activity in the first half of the year, before borrowing costs rose materially. By the second half of 2022, affordability pressures had clearly begun to suppress buyer participation, setting the stage for the volume contraction seen in 2023.
Three-Year Annual Comparison
• 2020: 242 sales — $340,000
• 2021: 258 sales — $399,000
• 2022: 231 sales — $459,000
Market Interpretation & Context (Three-Year Lens)
Pre- and Post–March 2022 Divide
The most important distinction in 2022 is timing. March 2022 marked the Federal Reserve’s first interest-rate increase, ending years of near-zero policy. The early months of 2022 remained supported by rate locks, momentum from 2021, and buyers rushing to transact before financing costs increased. This front-loaded demand explains why 2022 closed with strong annual pricing despite a clear slowdown later in the year.
Volume Began to Crack Before Prices Did
While median prices rose significantly in 2022, transaction volume began to soften as the year progressed. This divergence—prices up, volume down—is typical at the start of a tightening cycle. Buyers step back first; prices adjust later, if at all.
Why Prices Held
Pricing resilience in 2022 was supported by limited inventory, strong homeowner equity, and the absence of forced selling. Sellers did not need to chase the market downward, which prevented abrupt price corrections even as buyer activity slowed.
Market FAQ — Housing Characteristics & Trends (2020–2022 Context)
How have two-bedroom homes performed year by year?
• 2020: 15 sales — Median $230,500 — Average $210,111
• 2021: 25 sales — Median $296,000 — Average $297,118
• 2022: 13 sales — Median $317,000 — Average $313,165
Two-bedroom homes showed consistent appreciation through 2022, driven by affordability and investor demand, and continued to transact even as rates began to rise.
How do two-bedroom and three-bedroom homes compare year by year?
2020
• 2-Bed: 15 sales — Median $230,500
• 3-Bed: 71 sales — Median $300,000
2021
• 2-Bed: 25 sales — Median $296,000
• 3-Bed: 74 sales — Median $359,500
2022
• 2-Bed: 13 sales — Median $317,000
• 3-Bed: 88 sales — Median $420,000
Three-bedroom homes captured more upside in nominal dollars, while two-bedroom homes benefited from affordability-driven demand.
How do median prices for three-bedroom homes compare to four-bedroom-plus homes?
2020
• 3-Bed: 71 sales — Median $300,000
• 4-Bed+: 156 sales — Median $382,000
2021
• 3-Bed: 74 sales — Median $359,500
• 4-Bed+: 157 sales — Median $440,000
2022
• 3-Bed: 88 sales — Median $420,000
• 4-Bed+: 127 sales — Median $520,400
Four-bedroom-plus homes captured more upside during the low-rate portion of the cycle, reflecting strong move-up demand prior to the rate spike.
How do median prices for homes with garages compare to homes without garages?
2020: Garage $349,000 | No Garage $279,000
2021: Garage $410,000 | No Garage $325,000
2022: Garage $475,000 | No Garage $359,000
Homes with garages consistently commanded a material pricing premium, reinforcing buyer preference for functional features even as affordability tightened.
Key Market Takeaways
From 2020 through 2022, Pullman experienced broad-based appreciation across housing types, supported by strong demand, limited supply, and favorable financing conditions early in the period. Even as interest rates began rising in March 2022, pricing held across two-bedroom, three-bedroom, and four-bedroom-plus segments, highlighting the market’s structural strength. The consistent premium for garage homes further underscores durable buyer preferences rooted in functionality. Importantly, 2022 marked the transition year, not the end of the cycle—a year where Pullman shifted from momentum-driven growth toward a more normalized, affordability-conscious market that would continue to function rather than reset in subsequent years.