As more states legalize marijuana, it's not giving property values the kind of high they were a decade ago, when homebuyers were moving to states like Colorado, eager to start marijuana businesses and smoke pot legally. But it also doesn't appear to be hurting home values, according to a recent report by the National Association of Realtors.

As more states legalise marijuana for recreational and medical use, landlords also appear to be loosening restrictions, allowing more tenants to grow - and in some cases, smoke - it in their flats.

The report is based on a survey of about 3,300 real estate agents in March. In March, marijuana was legal for both medical and recreational use in 21 states and Washington, D.C. Sixteen states legalized marijuana for medical use only.

In states where both medical and recreational marijuana have been legal for more than five years, about 27 percent of realtors saw lease riders restricting the cultivation of marijuana. This is down from 44 percent in 2021 at the time of the last survey.

However, in the same states, many property managers were bummed. About two-thirds saw lease riders restricting smoking on the property, although this was down from 76% two years ago. For states where marijuana has been legalised within the last five years, 56% saw smoking clauses, down slightly from 59% in 2021.

However, when asked if they felt an increase in crime near marijuana dispensaries, 69% of respondents were either unaware of such an increase or said there had been no change. While 28 per cent said they did feel crime had increased, actual crime had only increased by 18 per cent.

NAR senior research survey analyst Matt Christopherson said this could indicate that the stigma against cannabis use still exists.

"In states where only medical marijuana use is allowed," he said, "there has been no perceived or actual change." In states that allow recreational use, the perception of criminality is higher."

In states where marijuana has been legal for the longest time, only 13 per cent of real estate professionals believe residential property values near dispensaries have declined. However, 5 percent reported an increase.

A previous Realtor.com® analysis found that in places like Colorado, legal marijuana has increased home prices. Colorado tied with Washington State in 2012 as the first US state to legalise recreational use. This has given a boost to real estate prices.

More respondents said they had no problem selling property that had been used as a grow-op - ranging from 69% to 75%, depending on the state - and those who said it was difficult to do so said they had no problem.

Those responses rang true for Amy Cesario, a Denver-based real estate agent with Compass.

"If legal marijuana has an impact on the housing market," she said, "it's hard to see it in Denver." We have a strong economy, and housing has been in demand here for years. Of course, homeowners and tenants who grow and use marijuana need to be aware of its impact on their property, just as they are on tobacco and other substances, but that is rarely an issue."

In fact, odour is one of the biggest drawbacks to growing or using cannabis, and Christopherson says it is "completely fair" for landlords and landlords to put in place restrictions to protect their property.

However, it also makes it important for potential buyers or tenants to know what is and isn't allowed before signing a contract or lease.