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 July 01, 2020 to September 30, 2024.
Analysis from Justin Cofer
The third quarter of 2024 saw 46 single-family home sales in Pullman with a median price of $462,000, marking an improvement over Q3 2023, when only 39 homes sold and the median was $442,850. The increase in both sales volume and pricing aligns with a decline in mortgage rates from 7% to around 6% during the quarter. This reduction in borrowing costs improved affordability sufficiently to bring more qualified buyers back into the market, particularly in the mid-tier price ranges. The result was not an across-the-board surge in values but rather a normalization of activity compared to the unusually soft conditions in 2023. Q3 2024 reflects a Pullman market benefiting from incremental rate relief, with stronger absorption and a healthier mix of transactions contributing to the higher median.
Quarter-Over-Quarter Median Price Trend
- Q3 2020: 73 sales — $334,000
- Q3 2021: 80 sales — $419,000
- Q3 2022: 71 sales — $469,000
- Q3 2023: 39 sales — $442,850
- Q3 2024: 46 sales — $462,000
Market Interpretation & Context
Key dynamics shaping the quarter include:
Rate Relief Sparked Demand:
The drop from 7% to roughly 6% improved purchasing power and supported an uptick in buyer activity compared to 2023.
Mid-Tier Strength:
Most transactions occurred in the $425K–$550K band, helping lift the median without relying on higher priced closings.
Recovery from 2023 Lows:
Q3 2023 represented a rate-constrained low point, so 2024’s increase reflects rebound rather than speculative appreciation.
Inventory Still Tight:
Limited supply prevented downward pricing pressure and supported seller confidence.
Stability, Not Froth:
Demand improved, but buyers remained payment-conscious; bidding wars were the exception, not the rule.
Forward-Looking Assessment (Context to 2024)
With rates settling near 6%, conditions were favorable for continued stable absorption heading into Q4, though significant appreciation was unlikely without further rate declines. The main threat to momentum would have been a reversal in rate trends or a surge in inventory.
Summary
Q3 2024 demonstrated a healthier Pullman housing market compared to the prior year—stronger sales volume and a higher median price driven primarily by modest rate relief and a more robust mid-tier segment. The quarter reflects recovery rather than acceleration: buyer activity improved, pricing held firm, and the market benefited from incremental affordability gains as mortgage rates dipped.