As overall Greater Phoenix saw homebuilding permits go down year over year, Scottsdale was one of four municipalities that saw permits increase.
One of the main reasons for the market slowdown is rising rates as well as several years of appreciation. In Greater Phoenix overall, this year, there have been 21,284 permits issued for single family residences in 2022. That is down from 24,649 last year at this time.
With 408 new homebuilding permits issued in 2021 and 445 in 2022, new homebuilding permits in Scottsdale were up 9% over last year at this time. With Scottsdale’s popularity, it’s not necessarily a surprise that is was able to sustain permit increases while other municipalities could not. Out of the 17 major cities/areas we measure, Scottsdale has performed 3rd and 4th best just behind Fountain Hills, Paradise Valley, and Cave Creek.
Also Read: The Greater Phoenix Real Estate Market Adjusted Big In October