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 October 01, 2020 to December 31, 2024.
Analysis from Justin Cofer
The fourth quarter of 2024 closed with 36 single-family home sales in Pullman and a median price of $475,000, slightly lower than Q4 2023’s $505,000 median despite nearly identical sales volume. This decline was not indicative of market weakness, but rather a shift in transaction composition. Q4 2023 included a heavier concentration of upper-tier closings, which elevated the median despite similar absorption. In contrast, Q4 2024 activity was more evenly distributed across mid-range price points as mortgage rates remained elevated, keeping move-up and discretionary buyers cautious. The data reflects a market that remained active but price-sensitive, with values holding firm overall while reacting to affordability constraints rather than local demand fundamentals.
Quarter-Over-Quarter Median Price Trend
- Q4 2020: 57 sales — $359,000
- Q4 2021: 48 sales — $379,500
- Q4 2022: 36 sales — $425,000
- Q4 2023: 37 sales — $505,000
- Q4 2024: 36 sales — $475,000
Market Interpretation & Context
Several dynamics shaped Q4 2024:
Flat Sales Volume:
Sales totals were effectively unchanged from 2023, indicating steady underlying demand despite seasonal slowdown.
Median Price Moderation:
The $30,000 year-over-year median decline reflects fewer high-end closings rather than downward pressure on home values.
Rate-Constrained Buyer Behavior:
Mortgage rates remained restrictive, limiting purchasing power and reducing the number of buyers able or willing to transact at the top of the market.
Seasonal Effects:
Q4 typically sees fewer discretionary sellers and buyers, amplifying the impact of composition on median pricing.
Longer-Term Context:
Even with the Q4 2024 pullback, the median remains well above 2022 levels, reinforcing that pricing has stabilized at a higher plateau rather than reverting.
Forward-Looking Assessment
Absent meaningful interest rate relief, the Pullman market was positioned to remain stable but subdued heading into early 2025. Inventory levels continued to support pricing, but appreciation potential was capped by affordability limits. Any improvement in rates would likely release pent-up demand, particularly in the mid-tier price ranges.
Summary
Q4 2024 reflects a steady, rate-constrained Pullman housing market—stable sales volume, a modestly lower median driven by fewer upper-tier transactions, and pricing that remains structurally higher than pre-2023 levels. The quarter underscores a broader theme seen throughout 2024: demand is present, but mortgage rates—not local market fundamentals—are the primary force shaping outcomes.