Home prices in states that have legalized recreational cannabis have surged $48,983 higher in the past decade compared to other states, new research suggests.
In 23 states and Washington, D.C. where recreational marijuana use is legal, property values have risen by $185,075 since 2014, compared to $136,092 in states without, according to Real Estate Witch, an online publication owned by Clever Real Estate that connects readers with expert real estate advice. Leafly, a leading online cannabis discovery marketplace, was also involved.
Typical home values in a recreational state are $417,625, 41% higher than in non-recreational states ($295,338), the research found.
Moreover, of the 10 states with the largest increases in home values, seven have legalized recreational cannabis.
Read also: Cannabis Real Estate? Meet Green Life Business' Drew Mathews, He Knows All About It
On the contrary, of the 10 states with the smallest increases in home values, nine have not legalized recreational cannabis. Coincidence? Not likely.
The situation is similar in states where medical marijuana (MMJ) use is legal.
States with MMJ have seen home values climb $166,609 since 2014 — $29,289 more than those without ($137,320). The typical home in MMJ states is worth $337,360, compared to $281,343 in other states.
Josh deBerge, VP of brand and communications for Leafly Holdings Inc LFLY, highlighted the benefits of recreational sales.
"This report stands as a testament to what insiders in the cannabis community have long known to be true: The presence of legal cannabis in cities and states does not diminish property values. In fact, it's quite the opposite," deBerge said. "Regulated cannabis offers a slew of economic benefits to local communities, and that is something this report makes quite clear."
Now read: Cannabis Is Impacting Commercial Real Estate Demand In 2023
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