NAR publishes an ongoing research report called “Marijuana and Real Estate: A Budding Issue.” The report notes that as of 2025, a majority of states now have some form of legalized marijuana; and separate from the report, in April of 2026, the Department of Justice reclassified medical marijuana as a Schedule III drug rather than a Schedule I drug [schedule 1 drugs include things like heroin; schedule 3 drugs include things like anabolic steroids]. The report noted several things within the residential sphere:
– 10% of respondents in legal marijuana states believed that housing inventory was limited in part due to the legalization of marijuana
– Property values were not noticeably changed by closeness to dispensaries
– Demand near dispensaries was largely unchanged, but in states where marijuana has been legal for longer, there appears to be less demand for property near dispensaries.
– Homeowners’ Associations are more likely to add restrictions on smoking or growing in common areas in states where recreational marijuana has been legalized for longer.
– In states where marijuana has been recreationally legal for more than five years, 20% of REALTOR® members report having sold a grow house
– A majority of members who have sold grow houses noted that it was not hard to sell
– While the current number is low [2-5% of respondents], there is a growing number of MLS that include fields to indicate if the property is marijuana related real estate.
– Members in states where marijuana has been legal recreationally for longer tend to be more willing to disclose the fact that the property was used as a grow house.
– At present, only a small sliver of the real estate industry [less than 2%] specializes in marijuana properties, indicating “an area of opportunity for growth in both specialization and business generation.”