Legal Weed Has Grown Nevada’s Real Estate Industry
In November of 2016, Nevada voters opted to legalize recreational marijuana across the state. Over the past five years, weed has impacted everything from healthcare to tax collection to, you guessed it, real estate. Here’s how recreational marijuana has kept Nevada’s real estate industry green.
As more and more states legalize recreational marijuana, the impact on property values near dispensaries is a common concern. The good news is that there doesn’t seem to be much change. In fact, a recent survey by the National Association of REALTORSⓇ found that, in recently legalized states like Nevada, a whopping 75% of REALTORSⓇ reported no change in property values, 5% reported a slight increase, and 2% reported a significant increase. Luckily, between this data, the rise of cannabis tourism in Las Vegas and beyond, and the ever-increasing popularity of marijuana (seniors aged 55-64 had a whopping 455% increase in usage between 2002 and 2014), it looks like Nevada properties down the street from the dispensary will still be a hot commodity moving forward.
Of course, once the legal hoops that at-home marijuana smokers had to jump through were dissolved, another set of restrictions appeared. In recently legalized markets, including Nevada, most homeowner associations have developed marijuana-specific rules and regulations. Only 4% of respondents were allowed to grow at home, and only 4% reported smoking allowances in common areas. Most members reported restrictions across the board regardless of the length of legalization, illustrating just how HOAs have responded to the passage of marijuana ordinances over the years. As it turns out, Nevada is no exception.
Selling a Grow House
Marijuana legalization has also opened up a whole new field for budding real estate agents. The aforementioned NAR survey found that, in states that legalized since 2016 like Nevada, 11% of REALTORS® have successfully sold a grow house, or a property used specifically for the cultivation of marijuana. Of that figure, 73% reported that the grow house was not hard to sell, and 64% had no title issues. Perhaps the perfect symbol for marijuana in real estate, listing grow houses could be the natural next step for Nevada agents and the industry at large.
Grow Your Career
Whether you’re selling a grow house or showing a home near a dispensary, understanding weed’s impact on Nevada real estate can help you serve your market that much better. Take some time to explore these and other budding topics to grow your career, perhaps with our comprehensive Current Issues and Trends in Real Estate course. Your competition is sure to be green with envy.
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