A study by the National Association of Realtors (NAR) [1]looked at the correlation for how the housing market and the legalization of marijuana are intertwined.
In a survey of NAR members, between 9% and 23% of members in states where marijuana is legal to some extent believed inventory was tight, and among the reasons are all-cash purchases from the marijuana industry.
The majority of members have not seen a change in residential property values near dispensaries. Between 7% and 12% have seen an increase and 8% to 27% have noted a decline in values.
Additionally, 2% to 4% of those polled said homeowner associates did allow growing or smoking in homes or common areas.
Three-quarters of NAR members in states with legalized medical use or recreational use had never tried selling a grow house, compared to six out of 10 states that legalized long ago.
Roughly 25% of residential members in state that legalized the recreational use of marijuana more than three years ago had sold a grow house in the past, compared to 4% to 11% in other states.
Of those residential members who have sold a grow house, 29% in states where medical marijuana is legal had a difficult time selling a grow house. Twenty-seven percent of NAR members in recently legalized states had difficulty selling a grow house, compared to 25% of those in the state legalized before 2016.
Seven states—California, Nevada, Illinois, Michigan, Vermont, Massachusetts, and Maine—have legalized both the recreational and medical use of marijuana since 2016. Washington, Oregon, and Alaska legalized both the recreational and medical use of marijuana before 2016. Twenty-two states have legalized only the medical use of marijuana.
Twenty-seven percent of members said they did not disclose the property was a grow home in areas where marijuana has both been legalized for recreational and medical use. Sixty-four percent of members disclosed that information.
Also, of the areas that legalized marijuana for both medical and recreational use, 73% found that grow homes were not hard to sell. Twenty-seven percent said it was not difficult to sell a grow home.