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, 2021 to June 30, 2025.
Analysis from Justin Cofer
In the second quarter of 2025, Pullman experienced a notable cooldown following the surge of activity in Q1. Only 53 single-family homes closed in Q2—the lowest second-quarter total in five years—and the median sold price dipped to $479,000, down from $496,500 in the same quarter of 2024. This shift wasn’t driven by weakening fundamentals in the Pullman market, but by timing and mortgage rate volatility. Many buyers advanced their purchase plans into Q1 as interest rates briefly slid below 7%, and when rates climbed back to 7% in Q2, demand tapered, especially in the $450K–$600K segment. Q2’s subdued numbers reflect rate-sensitive affordability constraints rather than a broader decline in values, and year-to-date sales still exceed 2024. Overall, Q2 signals that while buyer demand remains present, it is highly contingent on mortgage rate stability, resulting in flat pricing and mixed performance mid-year.
Quarter-Over-Quarter Median Price Trend
- Q2 2021: 99 sales — $399,000
- Q2 2022: 83 sales — $460,000
- Q2 2023: 65 sales — $479,900
- Q2 2024: 64 sales — $496,500
- Q2 2025: 53 sales — $479,000
Market Interpretation & Context
The Q2 data reveals several key trends:
Sales Volume Decline:
Q2 2025 produced the smallest number of closings in five years. The low total isn’t indicative of market weakness but rather a shift in seasonality due to Q1’s unusually strong absorption.
Interest Rate Sensitivity:
While Q1 benefited from a decline from 7.25% to 6.8%, Q2 saw rates push back to the 7% mark. This increase cooled buyer activity and delayed decisions, especially for move-up buyers leveraging equity but facing higher monthly payments at current rates.
Median Price Movement:
The drop in median price is modest and mirrors composition more than depreciation. The absence of several higher-priced listings seen earlier in the year and rate-driven buyer hesitancy brought the midpoint down.
Year-to-Date Picture:
Combined Q1 and Q2 figures tell a more complete story:
- 2025 YTD: 111 sales — $485,000 median
- 2024 YTD: 96 sales — $494,500 median
This reflects a market with stronger transaction volume in 2025 but essentially flat pricing, suggesting neither a bullish nor bearish market—simply one in equilibrium.
Forward-Looking Assessment
Whether Pullman’s market stabilizes or rebounds in the latter half of 2025 will depend heavily on mortgage rates:
- Below 7%: Expect renewed buyer activity and a return to normal seasonal absorption.
- At or above 7%: Activity will remain choppy, with buyers exercising caution and sellers needing sharper pricing discipline.
Inventory levels remain low enough to prevent a price slide, but not low enough to catalyze rapid appreciation at current rates.
Summary
Q2 2025 reflects a recalibration after a front-loaded first quarter—lower sales volume, a modest dip in median price, and clear evidence of rate sensitivity. The broader trend shows stable values and increased total transactions year-to-date, but with demand contingent on mortgage rates. In short, Pullman remains fundamentally strong, but growth will rely on rate relief to unlock momentum heading into Q3 and Q4.