Annual Market Overview — Pullman Single-Family Median Prices (2024)
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, 2024.
Analysis from Justin Cofer
In 2024, Pullman recorded 178 closed single-family home sales with a median sold price of $484,250. Compared to 2023, sales volume increased modestly (178 vs. 166), while the median price was essentially flat to slightly lower ($484,250 vs. $489,500). This combination defines the year: a market that remained active but affordability-constrained. Demand did not disappear; it became more selective. The minor softening in the median reflects transaction mix rather than a broad decline in values, as fewer upper-tier homes closed relative to prior years.
Five-Year Annual Comparison
• 2020: 242 sales — $340,000
• 2021: 258 sales — $399,000
• 2022: 231 sales — $459,000
• 2023: 166 sales — $489,500
• 2024: 178 sales — $484,250
Market Interpretation & Context
March 2022 Interest-Rate Inflection: The defining shift in the Pullman housing market began in March 2022, when the Federal Reserve initiated its first interest-rate increase after years of near-zero policy rates. This marked the end of cheap capital and the start of one of the fastest tightening cycles in modern history. Mortgage rates rose from the low-3% range early in 2022 to over 7% by the fall.
This timing explains why 2022 still appears strong on an annual basis. The first quarter and early second quarter of 2022 were supported by rate locks, momentum from 2021, and buyers accelerating purchases ahead of higher borrowing costs. That front-loaded demand resulted in 231 sales with a $459,000 median price. Once rates moved decisively higher after March, buyer behavior shifted quickly—particularly among move-up and discretionary buyers—leading to a sharp slowdown in transaction volume.
Crucially, the rate shock compressed volume, not values. Limited inventory, strong homeowner equity, and the absence of forced selling allowed pricing to hold even as fewer homes sold. This dynamic carried forward into 2023 and 2024, where transaction counts remained lower while prices stabilized at a higher plateau.
Summary of Annual Performance
2024 reflects a Pullman market operating under the post-March-2022 rule set. Sales volume improved slightly from 2023 but remained below pre-rate-hike norms, while pricing held near peak levels. The data supports a market that is stable, selective, and affordability-driven rather than speculative.
Market FAQ — Housing Characteristics & Long-Term Trends
What does five-year appreciation look like for two-bedroom homes in Pullman?
Based on closed single-family sales from 2020 through 2024, two-bedroom homes in Pullman experienced steady appreciation with year-to-year volatility driven by interest rates and transaction mix rather than speculation.
Breakdown of appreciation by 2 bedroom homes
• 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
• 2023: 13 sales — Median $370,000 — Average $390,777 (small sample skew)
• 2024: 14 sales — Median $344,000 — Average $337,857
Over five years, the two-bedroom median increased from $230,500 to $344,000, demonstrating meaningful long-term appreciation despite higher interest rates after 2022.
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
2023
• 2-Bed: 13 sales — Median $370,000
• 3-Bed: 53 sales — Median $438,000
2024
• 2-Bed: 14 sales — Median $344,000
• 3-Bed: 48 sales — Median $425,875
Three-bedroom homes captured more upside in nominal dollars ($113,500 vs $125,87) but two-bedroom homes had more upside on a percentage basis between 2020-2024 (~49% vs ~42%).
How do 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
2023
• 3-Bed: 53 sales — Median $438,000
• 4-Bed+: 99 sales — Median $539,000
2024
• 3-Bed: 48 sales — Median $425,875
• 4-Bed+: 115 sales — Median $545,000
Four-bedroom-plus homes consistently represented the largest share of sales volume and maintained a structural pricing premium throughout all five years. Four-bedroom-plus homes delivered more upside in nominal dollars ($163,000 vs $125,875), while percentage appreciation was essentially the same for three-bedroom and four-bedroom-plus homes over the 2020–2024 period (~42–43%).
How do median sales prices of 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
• 2023: Garage $505,000 | No Garage $395,000
• 2024: Garage $510,000 | No Garage $410,000
Homes with garages consistently commanded higher median prices, reflecting functional value and buyer preference rather than cosmetic features.
Key Market Takeaways
Pullman’s housing market shows broad-based strength across housing types. Two-bedroom homes provide affordability-driven liquidity; three-bedroom homes anchor the market’s core demand; and four-bedroom-plus homes represent the largest share of sales volume, even at higher price points.
The sustained activity in larger homes is a particularly positive signal. Higher-priced, four-bedroom-plus properties continuing to sell in meaningful numbers—after interest rates rose—indicates confidence in Pullman’s long-term fundamentals and reflects real end-user demand rather than speculation.
Functional features continue to matter. The consistent pricing premium for homes with garages reinforces buyer priorities around usability, storage, and year-round practicality, supporting long-term price stability.
Most importantly, the Pullman market absorbed the March-2022 interest-rate shock and adapted rather than retreated. Buyers recalibrated, sellers adjusted expectations, and pricing stabilized at elevated levels. This pattern points to a market that is balanced, resilient, and durable, with a constructive outlook heading forward.