Home With Tom Landry

It’s an honor and a privilege to sell some of greater Portland’s most remarkable homes. What’s humbling - being called back by the new owners to help them restore and reimagine. Yes, you can honor the past while ensuring your historic home meets todays lifestyle. From near zero maintenance exteriors and safe and super efficient systems to interiors that are both functional and fabulous my team can help. .br

Portland Multi-Families Numbers 2024. This segment of the market remained relatively unchanged in 2024, with modest gains in price.
- Median sale price = $822,500, up from $805,000 in 2023, a 2.2% increase
- Number of sales = 92, up from 83 in 2023, a 10.8% increase
- Median days on market = 13, down from 14 days, a 7.1% decrease

Our housing crisis. I take on this complex and complicated topic in my book Priced Out of Portland. Read the eBook here

Although Portland centric (where the problem is most acute) the concepts are universal and applicable state wide and nationally. Other city’s around the country have experienced re-urbanization, population growth and gentrification and the strain it brings long before us. What worked well for them and what didn’t. We have to look to these real life studies vs believing, as we often do here as fiercely independent Mainers, that ‘…we don’t need outsiders to tell us…’.

When you look at independent, peer reviewed, and non partisan studies it’s clear that inclusionary housing (forcing builders to build affordable unit or pay a fee if they don’t) doesn’t work. In fact, the more well indented but chronically under and ill-informed elected officials try to help - they hurt. This is born-out time and again and this is the case in Maine’s largest city, Portland. In summary those building fewer units (9 or less) have no penalty while those how might want to make a bigger impact (build more rental or condo units) get taxed/disincentivized with a nearly $200k per unit penalty.

WANT MORE HOUSING - remove barriers and penalties and don’t dictate to developers. More housing is more housing and more, hopefully much more and any and all price and rental levels (yes if developers build the upper price on for sale and for rent it will help affordability as it’s adding inventory and meeting a greater portion of the demand) will help. It’s simply really - more supply helps meet and offset demand.

Want to help with affordability and prevent more sprawl - read my book to get informed and apply pressure on your community to up-zone community centers (to prevent sprawl (which it terrible in every way) and be sure we remove barriers to building and expedite permitting.

2024 Single Family Stats, Portland. While prices increased there were more listings, more sales and homes took longer to sell (welcome news for buyers).
- Median sale price = $585,000, up from $550,000 in 2023, a 6.3% increase
- Number of sales = 423, up from 365 in 2023, a 15.9% increase
- Median sale price per sq. ft. = $374, up from $356 in 2023, a 5.1% increase
- Median days on market = 7, up from 6 days in 2023, a 16.7% increase

Portland Condo Numbers 2024. We observed a significant increase in both median sale prices and number of sales, largely attributed to a few large developments rather than the overall market trend.
- Median Sale Price: $629,000 (up from $525,000 in 2023, a 19.8% increase)
- Number of Sales: 381 (up from 289 in 2023, a 31.8% increase)
- Median Sale Price per Sq. Ft.: $551 (up from $544 in 2023, a 1.3% increase)
- Median Days on Market: 14 (up from 7 days in 2023, a 100% increase)

Full report: https://mailchi.mp/benchmarkmaine/january25

Selling a condo in Portland? Reach out! 207-775-0248 / [email protected]