Annual Market Overview — Pullman Single-Family Median Prices (2023)
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 January 01, 2020 to December 31, 2023.
Analysis from Justin Cofer
In 2023, Pullman recorded 166 closed single-family home sales with a median sold price of $489,500. Compared to 2022, sales volume declined meaningfully (231 → 166, approximately -28%), while the median price still increased ($459,000 → $489,500, roughly +6.6%). That combination defines 2023 as a rate-constrained market, not a demand collapse. Buyer participation fell as borrowing costs increased, but pricing held because inventory remained limited and sellers were not forced to discount broadly.
Four-Year Annual Comparison
• 2020: 242 sales — $340,000
• 2021: 258 sales — $399,000
• 2022: 231 sales — $459,000
• 2023: 166 sales — $489,500
Market Interpretation & Context (Three-Year Lens)
March 2022 Interest-Rate Inflection
The structural shift began in March 2022, when the Federal Reserve initiated its first rate increases after years of near-zero policy. The downstream effects were felt most clearly in 2023: financing costs rose, buyer selectivity increased, and discretionary move-up demand cooled.
Volume Compression, Not Price Breakdown
From 2021 to 2023, Pullman experienced a sharp contraction in transaction volume without a corresponding collapse in pricing. This divergence reflects strong equity positions, limited inventory, and the absence of forced selling—conditions that typically support market stability rather than volatility.
Why This Matters
Markets that can absorb a rapid affordability shock while maintaining pricing integrity tend to be structurally healthier. Pullman’s 2023 performance fits that profile.
Market FAQ — Housing Characteristics & Trends (2021–2023 Context)
How have two-bedroom homes performed year by year?
• 2021: 25 sales — Median $296,000 — Average $297,118
• 2022: 13 sales — Median $317,000 — Average $313,165
• 2023: 13 sales — Median $370,000 — Average $390,777
How do two-bedroom and three-bedroom homes compare year by year?
2021
• 2-Bed: 25 sales — Median $296,000
• 3-Bed: 74 sales — Median $359,500
2022
• 2-Bed: 13 sales — Median $317,000
• 3-Bed: 88 sales — Median $420,000
2023
• 2-Bed: 13 sales — Median $370,000
• 3-Bed: 53 sales — Median $438,000
How do three-bedroom homes compare to four-bedroom-plus homes?
2021
• 3-Bed: 74 sales — Median $359,500
• 4-Bed+: 157 sales — Median $440,000
2022
• 3-Bed: 88 sales — Median $420,000
• 4-Bed+: 127 sales — Median $520,400
2023
• 3-Bed: 53 sales — Median $438,000
• 4-Bed+: 99 sales — Median $539,000
How do median prices of homes with garages compare to homes without garages?
2021: Garage 230 sales — Median $411,000 | No Garage 28 sales — Median $307,450
2022: Garage 195 sales — Median $475,000 | No Garage 36 sales — Median $337,500
2023: Garage 148 sales — Median $509,000 | No Garage 18 sales — Median $350,000
Key Market Takeaways
Despite a sharp reduction in transaction volume from 2021 through 2023, Pullman’s housing market maintained pricing strength across multiple housing segments. Two-bedroom homes continued to provide affordability-driven liquidity; three-bedroom homes remained the market’s functional core; and four-bedroom-plus homes continued to represent the largest share of sales volume, reinforcing the depth of end-user demand. The consistent premium for homes with garages further supports the conclusion that buyer preferences remain grounded in function and long-term usability. Overall, 2023 reflects a market that adjusted to higher rates without losing structural integrity, a constructive signal for long-term stability.