Though Boston is currently in the midst of a development boom, its luxury housing market is beginning to wane. A substantial amount of the cranes dotting the skyline are erecting high-end residential complexes, but if the rate for which these homes are purchased continues on its current pace, they may end up vacant.

New data compiled by RedFin indicates Boston has the highest year-over-year decrease in luxury home buying out of 600 cities analyzed. To determine this, RedFin examined the most expensive 5 percent of homes sold in each city and compared them to the bottom 95 percent of homes in those market.

Cities with 25 or more luxury home sales in the quarter are the only metro areas included in the report.

For Boston, the average luxury home sale was for $3,590,000, constituting a decrease of 18.7 percent. Alexandria, VA, with $1,512,000 and -12.4 percent respectively, was the only other city to have a double-digit decrease.

Still, that’s not to say the luxury market in Boston is truly suffering or will continue to do so.

“While there have been fewer sales at the ultra high end of $5 million plus, the $1 million to $2 million range is as strong as ever,” said RedFin Boston agent Peter Phinney. “Boston occasionally sees homes list above the $3 million mark, but we’re not New York City or San Francisco.”

While Boston continues to build ritzy living spaces, its residents are calling for more modestly prices units. From apartments to condos to full-on houses, Bostonians more and more are yearning for middle-income and affordable living.

Earlier this week Mayor Marty Walsh’s administration released the first quarterly report of his 15-year housing plan for Boston. It details that almost half of the developments approved in Q1 2015 were deemed affordable.

And Boston Redevelopment Authority Director Brian Golden said his agency has identified 15 new sites in close proximity to public transportation that could be transformed into workforce housing developments.