Is Paterson, NJ 07502 a buyer’s or seller’s market?

The Paterson housing market right now

In the three months ending August 31, 2026, 55% of homes in Paterson, NJ 07502 sold above their list price, the typical home went under contract in 51 days and there were 3.6 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 23 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 78%, homes sold faster (79 days then) and the median sale price rose 8% to $566,755. Overall, Paterson is less competitive than a year ago, which gives buyers more room.

Within Passaic County, homes here sell more slowly than in 69% of the county’s ZIP codes, and sell less often over asking than in 69%. On our competition score, Paterson ranks #275 of 444 NJ ZIP codes with enough sales (score 72 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.