Speakers at the 67th annual National Association of Real Estate Editors conference, held June 8-11 in New Orleans, noted during their talks that states with cannabis legalization in their books have enjoyed a marked appreciation of home real estate values over recent years.
Industrial real estate and legal cannabis have become well acquainted since Colorado and Washington first voted to end pot prohibition in 2012, evidenced by how common of a business strategy commercial warehouse grow operations have become. What many in the real estate sphere did not expect, however, is that home appreciation rates have also increased in states that decided to end cannabis prohibition.
According to conference speakers Ralph McLaughlin and Tom O’Grady, Denver and Portland are two of the highest appreciating cities in the nation right now as they enjoy higher prices on existing real estate inventory and most properties are spending less time on the market.
“Seattle, Phoenix, and Washington DC are [also] bracing themselves for record appreciation over the next 20 years,” writes Bud Monterey in a report for Marijuana.com.
Washington state, Colorado, Oregon, Alaska and Washington D.C. have passed voter initiatives to legalize cannabis. Several more states will vote on the legalization issue this November, including California and Maine.
Get daily news insights in your inbox. Subscribe