Monthly 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 May 01, 2021 to May 31, 2025.
Analysis from Justin Cofer
May 2025 recorded 20 closed single-family home sales in Pullman with a median sold price of $502,500, reflecting a rebound in both sales volume and pricing from April. This improvement coincided with modest easing in mortgage rates, which helped restore buyer confidence after the early-spring pullback. While rates remained elevated by historical standards, even incremental improvement expanded purchasing power enough to re-engage buyers who had paused in April. The return of higher-priced transactions pushed the median back above $500,000, signaling renewed participation rather than speculative price pressure. May’s data suggests that demand did not disappear earlier in the spring—it was temporarily sidelined by rate volatility and reactivated as financing conditions improved.
May Five-Year Comparison
• May 2021: 32 sales — $384,650
• May 2022: 22 sales — $425,000
• May 2023: 24 sales — $467,450
• May 2024: 15 sales — $496,000
• May 2025: 20 sales — $502,500
Market Interpretation & Context
Rate Relief Unlocks Demand:
Even modest improvement in mortgage rates during May helped bring sidelined buyers back into the market, particularly in the mid-to-upper price tiers.
Sales Volume Recovery:
Closings increased meaningfully from April, confirming that buyer demand remained intact and responsive to financing conditions.
Median Price Context Matters:
The median moved higher due to improved transaction mix, not because of across-the-board appreciation.
Payment Sensitivity Persists:
Despite improvement, rates still constrained how far buyers could stretch, keeping pricing disciplined and negotiations active.
Summary
May 2025 reflects a Pullman market that responded quickly to improving mortgage rates—sales volume recovered, higher-priced transactions re-entered the mix, and the median price rebounded above $500,000. The data reinforces a consistent theme seen throughout 2025: buyer demand is present, but highly sensitive to even small changes in borrowing costs. Continued rate stability or further improvement will be critical to sustaining momentum into the summer months.