How living near a marijuana dispensary affects your home’s price

Contrary to popular belief, it’s good to be neighbors with Mary Jane.

A new study from real-estate marketing firm Clever found that home values increased nearly $23,000 more between 2014 and 2019 in cities that allow retail cannabis dispensaries to set up shop compared with cities where recreational marijuana was illegal.

“Investors see the opportunity to enter a new market, and home values respond,” Luke Babich, co-founder and chief strategy officer of Clever Real Estate, wrote in the report.

To produce these findings, researchers at Clever examined housing data from Zillow

ZG, -3.51%

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