Annual Market Overview — Pullman Single-Family Median Prices (2025)
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, 2021 to December 31, 2025.
Analysis from Justin Cofer
In 2025, Pullman recorded 201 closed single-family home sales with a median sold price of $485,000. Compared to 2024, sales volume increased meaningfully (200 vs. 178), while median pricing remained effectively flat ($485,000 vs. $484,250).
This combination defines 2025 as a year of normalization rather than correction. Buyer demand strengthened relative to the prior two years, but higher-for-longer interest rates and affordability constraints continued to limit upward price movement. The flat median reflects a healthier balance between supply and demand—not market weakness.
Five-Year Annual Comparison
2021: 258 sales — $399,000
2022: 231 sales — $459,000
2023: 166 sales — $489,500
2024: 178 sales — $484,250
2025: 201 sales — $485,000
Market Interpretation & Context
March 2022 Interest-Rate Inflection
The defining shift in the Pullman housing market began in March 2022, when the Federal Reserve initiated its first interest-rate increase after years of near-zero policy rates. Mortgage rates rose rapidly, ending the era of cheap capital and fundamentally changing buyer behavior.
The data continues to support a critical conclusion: interest rates compressed transaction volume, not home values. While sales slowed materially after 2022, pricing stabilized at a higher plateau due to limited inventory, strong homeowner equity, and the absence of forced selling.
By 2025, sales volume rebounded meaningfully without triggering price declines—evidence that the market has fully adjusted to the post-2022 rate environment.
Summary of Annual Performance
2025 reflects a Pullman market that is operating comfortably under the post-March-2022 rule set. Transaction activity increased, pricing remained stable, and buyer behavior normalized around affordability rather than speculation. The result is a market that is selective, balanced, and fundamentally durable.
Market FAQ — Housing Characteristics & Long-Term Trends
What does five-year appreciation look like for two-bedroom homes in Pullman?
Based on closed single-family sales from 2021 through 2025, two-bedroom homes show greater sensitivity to affordability and interest-rate pressure compared to larger homes.
Two-bedroom sales breakdown
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
2024: 14 sales — Median $344,000 — Average $337,857
2025: 10 sales — Median $297,500 — Average $289,900
After peaking in 2023–2024, two-bedroom pricing softened in 2025, reflecting affordability ceilings rather than structural weakness.
How do two-bedroom and three-bedroom homes compare year by year?
2021
2-Bed: 25 sales — Median $296,000
3-Bed: 73 sales — Median $360,000
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
2024
2-Bed: 14 sales — Median $344,000
3-Bed: 48 sales — Median $425,875
2025
2-Bed: 10 sales — Median $297,500
3-Bed: 70 sales — Median $420,000
Three-bedroom homes captured more upside in nominal dollars, while two-bedroom homes showed greater volatility and earlier price sensitivity as rates rose.
How do three-bedroom homes compare to four-bedroom-plus homes?
2021
3-Bed: 73 sales — Median $360,000
4-Bed+: 156 sales — Median $440,500
2022
3-Bed: 88 sales — Median $420,000
4-Bed+: 126 sales — Median $520,200
2023
3-Bed: 53 sales — Median $438,000
4-Bed+: 99 sales — Median $539,000
2024
3-Bed: 48 sales — Median $425,875
4-Bed+: 114 sales — Median $543,500
2025
3-Bed: 70 sales — Median $420,000
4-Bed+: 120 sales — Median $561,250
Four-bedroom-plus homes continued to represent the largest share of sales volume and reached new nominal price highs in 2025, despite elevated interest rates. This confirms sustained end-user demand rather than speculative activity.
Key Market Takeaways
Pullman’s housing market in 2025 shows a clear separation in how different segments are performing, rather than one broad, uniform trend.
Two-bedroom homes remain the most affordability-sensitive part of the market. Prices softened and sales counts were smaller, reflecting a limited buyer pool at higher interest rates. These homes continue to provide liquidity at the entry level, but they are no longer driving overall pricing momentum.
Three-bedroom homes continue to anchor the market’s core demand. While prices pulled back slightly from peak levels, sales volume rebounded in 2025. This suggests buyers are re-engaging at price points that better align with incomes and financing realities, providing stability to the broader market.
Four-bedroom-plus homes remain the market’s structural backbone. Even at higher price points, these homes continued to sell in meaningful numbers and reached new nominal price highs in 2025. Sustained activity in this segment signals confidence in Pullman’s long-term fundamentals and reflects real end-user demand.
Most importantly, 2025 confirms that Pullman has fully absorbed the March 2022 interest-rate shock. The market did not unwind or revert to pre-pandemic norms. Instead, it recalibrated. Buyers adjusted expectations, sellers adapted pricing strategies, and transaction volume improved within a higher-rate environment. The result is a market that is balanced, resilient, and positioned on solid footing heading forward.