In its monthly market report, Redfin dissected dozens of markets across the nation and found that in January, buyers typically faced three challenges: rising prices, low inventory and a fast market.
That was certainly true in Boston.
Prices continue climbing
The city’s median home price hit $370,000 after rising 6 percent year over year – a trend that has been constant for years.
| City | Median Sale Price | Month Other Month % Change | Year Over Year % Change |
| Boston | $370,000 | 0.00% | 6% |
Sales were also up…from last year
There was a massive, 29-percent decline in sales in Boston from Dec. 2016 to January. But the decrease is less a reflection of how the market is currently moving and more a sort of reverse rebound from the sales spike the market saw at the end of last year. Looking a the more consistent year-over-year change, sales actually increased a slight 0.5 percent.
| City | Homes Sold | Month Over Month % Change | Year Over Year % Change |
| Boston | 4,055 | -29.30% | 0.50% |
Inventory is down, new listings are down
A trend that spanned the country in January was a drop in for-sale homes, and it was no different in Boston. From Jan. 2016 to Jan. 2017, the number of homes up for sale in the city fell 27.5 percent – more than most other major metros. But while inventory drops were ubiquitous in January, fewer places were they more impactful than in Boston. Already the city’s inventory is nearing a single month’s supply. If the rate of decline continues, Boston will run out of available homes.
| City | All Homes for Sale | Month Over Month % Change | Year Over Year % Change |
| Boston | 8,341 | -7.60% | -27.50% |