Is Paterson, NJ 07501 a buyer’s or seller’s market?

The Paterson housing market right now

In the three months ending August 31, 2026, 50% of homes in Paterson, NJ 07501 sold above their list price, the typical home went under contract in 79 days and there were 4.6 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 43 home sales.

Compared with the same period a year earlier, the share selling over asking rose from 38%, homes sold more slowly (24 days then) and the median sale price rose 39% to $569,753. Overall, Paterson is less competitive than a year ago, which gives buyers more room.

Within Passaic County, homes here sell more slowly than in 92% of the county’s ZIP codes, and sell less often over asking than in 85%. On our competition score, Paterson ranks #369 of 444 NJ ZIP codes with enough sales (score 59 out of 100).

Nearby, buyers who want less competition could look at Paterson 07505 (0% sold over asking) or Wanaque 07465 (39% sold over asking), while Paterson 07504 (88% sold over asking) and Hawthorne 07506 (83% sold over asking) are even more competitive.