Marijuana legalization cultivates higher home prices in states where pot is illegal.
At the recent 67th annual National Association of Real Estate Editors conference, one of the chief topics up for discussion was real estate appreciation, and the common denominator found in each market; legalized recreational marijuana.
The knowledgeable speakers included Ralph McLaughlin, chief economist at Trulia, and Tom O’Grady, CEO of ProTeck Valuation Services.
Looking at closed escrows and lingering inventory as a determining factor in their classification of a “Hot Market,” the CEO of ProTeck Valuation Services noted that Denver and Portland are currently enjoying some of the highest appreciation on their existing inventory and greatly reduced days on market.
Creating quite a buzz on Twitter, some conference attendees couldn’t resist the pun-rich topic:
#NAREE16 Denver housing market soars along with college applications after legalization of Marijuana aka POT
— DC Real Estate Radio (@ToddLaBorwit) June 9, 2016
… and now we’re talking about marijuana. Does legalization make home prices high? Best. Conference. Ever. #NAREE16
— Lorraine (@Woellert) June 9, 2016
Correlation between marijuana and a hot real estate market? How about this: A ‘pot’ real estate market. #NAREE16
— Erin Mulvaney (@erinmulvaney) June 9, 2016
Also appreciating rather nicely since legalization, Seattle, Phoenix, and Washington DC are bracing themselves for record appreciation over the next 20 years. Apparently, legalization has far-reaching ramifications. Not only does legalization allow millions of Americans to get safely elevated without the fear of prosecution – it also encourages strong growth in our local real estate markets.
(Photo Courtesy of Realtor.com)