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, 2021 to September 30, 2025.
Analysis from Justin Cofer
The third quarter of 2025 showed a stable transaction count with 46 single-family homes sold, matching Q3 2024 but with a noticeably higher median price of $523,500. The increase was not driven by broad appreciation but by a sales mix tilted heavily toward the upper end of the market. Seventeen of the 46 closings—more than one-third—occurred between $600,000 and $1,200,000, with an average of 52 days on market, indicating deliberate negotiations rather than frenzied activity. In contrast, only eight homes sold in that price bracket during Q3 of 2024. With mortgage rates hovering near or slightly under 6.5%, mid-tier demand remained constrained, yet well-qualified or equity-heavy buyers continued to transact in the higher ranges. As a result, the elevated median reflects composition rather than uniform price growth across all tiers.
Quarter-Over-Quarter Median Price Trend
- Q3 2021: 80 sales — $419,000
- Q3 2022: 71 sales — $469,000
- Q3 2023: 39 sales — $442,850
- Q3 2024: 46 sales — $462,000
- Q3 2025: 46 sales — $523,500
Market Interpretation & Context
Key takeaways from the data include:
Flat Sales Volume:
Q3 2025 matched the prior year with 46 closings, signaling steady demand despite rate challenges.
Composition-Driven Median Increase:
The surge in upper-tier sales more than doubled year-over-year, lifting the median even though most mid-range values were relatively stable.
Days on Market Perspective:
Average DOM of 52 for high-end listings demonstrates a realistic pricing environment, not speculative spikes or bidding wars.
Affordability Pressure:
Higher mortgage rates restricted lower and mid-tier activity, reinforcing a split market—strong at the top, rate-sensitive below.
Comparison to Q3 2024:
The median difference is tied to mix: 17 upper-tier sales in 2025 versus only 8 in 2024.
Forward-Looking Assessment
The trajectory into Q4 depends on:
- whether upper-tier demand holds, which would keep the median elevated, or
- whether rate improvements unlock more mid-tier purchases, normalizing the mix and moderating median pricing.
Pullman’s fundamentals remain steady; the challenge lies in affordability, not demand.
Summary
Q3 2025 posted stable sales volume and a substantially higher median price driven by a heavier concentration of upper-tier transactions. The market continues to show a bifurcation—luxury buyers transacting confidently while mid-tier buyers remain rate-sensitive. The elevated median should be interpreted as a result of composition rather than across-the-board appreciation.