By Niki D’Andrea | Phoenix New Times
“Maybe people just need bigger, nicer homes because they’re smoking more marijuana and staying home more,” says Greg Hague, the as-seen-on-TV real estate guru behind the Valley’s 72SOLD and Hague Partners.
He’s making a joke, trying to explain the results of a recent study that found the rise in residential real estate values in many states, including Arizona, can be partly attributed to the decriminalization of recreational marijuana.
The study, released July 12 and titled “How Legalizing Recreational Marijuana Impacts Home Values,” was conducted by Clever Real Estate, a national company that matches people with realtors in their areas. It states that between 2017 and 2021, property values in Arizona rose by an average of $80,558, and suggests the state’s legalization of medicinal marijuana in 2010 and recreational marijuana in 2020 has something to do with that increase. The study also claims that with each dispensary a city adds, average property values increase by $519, noting that Arizona is currently home to 122 dispensaries.