Quarterly Market Overview — Pullman Single-Family Median Prices
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 April 01, 2020 to June 30, 2024.
Analysis from Justin Cofer
The second quarter of 2024 recorded 64 single-family home sales in Pullman with a median price of $496,500, essentially mirroring the 65 sales and $479,900 median posted in Q2 of 2023. This stability was expected given that mortgage rates remained above 6%, keeping affordability constrained and limiting buyer capacity to push prices higher. Rather than aggressive appreciation or depreciation, the numbers reflect a market holding steady under elevated borrowing costs, with sellers maintaining pricing power due to limited inventory, and buyers proceeding cautiously. The data suggests equilibrium rather than growth—activity remained steady, but rates capped upward movement in the mid-tier segment.
Quarter-Over-Quarter Median Price Trend
- Q2 2020: 73 sales — $345,000
- Q2 2021: 99 sales — $399,000
- Q2 2022: 83 sales — $460,000
- Q2 2023: 65 sales — $479,900
- Q2 2024: 64 sales — $496,500
Market Interpretation & Context
Key themes of Q2 2024 include:
Rate-Driven Stability:
Borrowing costs above 6% limited buyer purchasing power and tempered price competition, producing near-identical year-over-year results.
Inventory Constraints:
Supply shortages prevented downward pressure on prices, keeping the median stable despite rate challenges.
Buyer Caution:
Transactions occurred steadily, but without the urgency seen in lower-rate environments. Payment sensitivity guided purchase decisions.
Gradual Median Movement:
The modest increase from 2023 reflects a slightly higher share of mid-range closings, not broad appreciation across all tiers.
Forward-Looking Assessment (Context to 2024)
With rates holding firm above 6%, the market lack the conditions for significant appreciation. Absent material rate relief, pricing is expected to remain flat through the rest of 2024, with inventory scarcity continuing to support values, and affordability limiting aggressive demand.
Summary
Q2 2024 demonstrates a stable Pullman housing market shaped by elevated mortgage rates. Sales volume and median pricing closely resembled 2023, indicating a balance between constrained affordability and limited inventory. The result was a steady quarter—neither accelerating nor declining—defined by rate pressure and supply limitations rather than shifts in local demand.