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, 2021 to December 31, 2025.
Analysis from Justin Cofer
Looking at fourth-quarter performance from 2021 through 2025, Q4 2025 recorded 44 closed single-family home sales in Pullman with a median sold price of $444,500. Relative to recent fourth quarters, transaction volume in 2025 was the strongest since 2021, while the median price moderated compared to the unusually high level reached in Q4 2023 and remained below Q4 2024. This pattern reflects a shift in transaction composition rather than a deterioration in values, with a greater share of mid-tier and entry-level homes closing in 2025 compared to prior years that were more heavily skewed toward upper-tier activity. Despite ongoing affordability pressure and seasonal constraints, buyer participation improved late in the year, supporting higher overall volume.
Quarter-Over-Quarter Median Price Trend
- Q4 2021: 48 sales — $379,500
- Q4 2022: 36 sales — $425,000
- Q4 2023: 37 sales — $505,000
- Q4 2024: 36 sales — $475,000
- Q4 2025: 44 sales — $444,500
Market Interpretation & Context
Improved Late-Year Volume:
Q4 2025 recorded the highest fourth-quarter sales count since 2021, signaling stronger year-end liquidity compared to recent years.
Median Moderation from Mix:
The lower median relative to 2023 and 2024 reflects a greater concentration of mid-priced transactions rather than downward pressure on values.
Affordability-Driven Participation:
Higher mortgage rates continued to influence buyer behavior, with increased activity concentrated in price ranges aligned with monthly payment sensitivity as rates come down.
Seasonality Still Applies:
While volume improved, fourth-quarter sales remain well below peak spring and summer levels, consistent with Pullman’s historical seasonal patterns.
Forward-Looking Assessment
Momentum entering 2026 will depend on whether improved affordability—through either rate stabilization or income growth—brings more mid-tier buyers off the sidelines. If upper-tier participation remains steady while mid-range activity broadens, overall transaction volume could continue to normalize with pricing stability rather than renewed acceleration.
Summary
Q4 2025 closed with stronger-than-typical seasonal sales volume and a median price shaped by transaction mix rather than market-wide depreciation. Viewed across the 2021–2025 period, the quarter reflects a Pullman market that remains functional and adaptive, with improving liquidity and values holding within a stable range despite ongoing affordability constraints.