The next time you step outside your home, you might want to take a closer look at your property’s landscaping and hardscaping. A recent study from Clever Real Estate, a St. Louis-based platform that matches homebuyers with agents, found the prospect of new cannabis industry jobs brings residents to town, driving up home values in cities that allow recreational marijuana dispensaries.
These findings were reinforced at the national level in another working paper in SSRN, which used American Community Survey data to find that with each 10 percent increase in Airbnb listings in a U.S. ZIP code, there was a42 percent increase in rental prices, and a76 percent increase in house prices.
The (unweighted) mean and median of the 14 house price indices are shown in Figure 1. Adjusted by the consumer price index, house prices in the early 21st century are well above their late 19th-century level, and increased in all advanced economies in the long run.
Ashburn, located about 40 miles west of downtown DC saw average prices fall around 18% in the same time period, while in DC itself, home prices increased by about 3%. Close-in suburbs like Arlington and Bethesda have seen similar increases in their average prices.
For more accurate home value information, real estate agents will visit the property and do their version of an appraisal and than adjust the price based on similar homes that sold and come up with a comparative market analysis: basically, what you could expect to get your home for if you put it on the market.