Currently, two dozen states in the U.S. have adopted adult-use cannabis legalization measures, and all but one of them (Virginia) either have operating regulated recreational cannabis industries or are in the process of implementing one. Additionally, 40 states have adopted medical cannabis legalization measures, with some being more robust models than others.
Permitting legal cannabis commerce provides meaningful boosts to local economies, which benefits all society members of the jurisdictions involved, not just consumers and industry operators. A great example of that can be found in the average home value growth in legal U.S. markets, per a recent economic analysis.
“From 2009 to 2024, home values increased by $60,327 more in states where recreational marijuana is now legal than where it is illegal, according to a new report from Clever Offers, a platform owned by Clever Real Estate that allows home sellers on tight timelines to explore their selling options.” Clever Real Estate wrote in a recent press release.
“In 2024, the typical home in a recreational state was worth $447,635 — about 39% or $126,731 more than in non-recreational states ($320,904).” the press release also stated. “States with legal recreational cannabis have seen home values climb by $222,958 over the past 15 years, compared to $162,631 in states where it is illegal — a $60,327 difference.”
Below are examples of states and their average home value growth between 2009 and 2024, according to the analysis:
- California ($492,520 increase in home values since 2009)
- Hawaii ($446,247)
- Washington ($342,414)
- Massachusetts ($340,127)
- Colorado ($336,774)
- Utah ($320,372)
- Idaho ($300,309)
- Nevada ($296,493)
- Oregon ($275,826)
- New Hampshire ($273,238)
- Louisiana ($46,820)
- West Virginia ($67,214)
- Mississippi ($69,036)
- Arkansas ($94,646)
- Oklahoma ($100,226)
- Iowa ($102,538)
- Alabama ($103,466)
- Illinois ($103,955)
- Kentucky ($106,230)
- North Dakota ($108,117)
“Similarly, homes in states where medicinal marijuana is now legal are currently worth about $390,117 — about 18% more than homes in states where cannabis is illegal ($329,850).” Clever Real Estate stated about its analysis. “From 2009 to 2024, medicinal states’ home values climbed by $22,185 more than illegal states’ home values ($194,813 vs. $172,628 growth, respectively).”
