Legalized Cannabis May Be Helping Phoenix Outperform National Housing Market

Phoenix, Arizona continues to outperform the national housing market. Single-family home sales were up again in October, according to Phoenix REALTORS®.

“Year-to-date closed sales, pending sales, new listings and median sales price all increased,” stated Christy Walker of Phoenix REALTORS. “These data are indicators of the strength in the Phoenix market.”

The great weather and low taxes in Arizona likely has a lot to do with the strong housing market, but the state allowing the recreational and medicinal use of marijuana is likely playing a part too.

According to an analysis from 2024, houses located near cannabis dispensaries are more likely than others to appreciate in value. The median home price in Phoenix is $485,000.