Weed Dispensaries Drive Up Home Values, New Analysis Of Legal Cannabis Sales Shows Impact On Housing Prices
How does living near a marijuana dispensary affect the price of your house?
According to a recent study by Tomo, which compiles real estate data to help buyers by providing relevant information to make more informed purchases, it can actually add value to your home.
“On average, if a dispensary opens in your area, you’re likely to see an additional $4,400 increase in your property value each year,” the results suggest.
The new data adds to a growing body of research that proved the same. Home prices in states with legal recreational cannabis have surged $48,983 higher in the past decade compared to states that don’t, according to a separate last year research by Real Estate Witch, an online publication owned by Clever Real Estate and Leafly.
Even though this is good news to those seeking to sell its property, as the majority of Americans now reside in states where the recreational use of marijuana is legal, those looking to buy one would need deeper pockets.
Why?
According to Redfin, the median U.S. home sale price hit a record high of $387,600. Last month. In the wake of the pandemic, home prices began to rise and peaked in 2022. After that they dropped slightly, only to reach new highs in the months and years to …