Is Paterson, NJ 07503 a buyer’s or seller’s market?

The Paterson housing market right now

In the three months ending August 31, 2026, 68% of homes in Paterson, NJ 07503 sold above their list price, the typical home went under contract in 48 days and there were 4.4 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 20 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 73%, homes sold faster (75 days then) and the median sale price rose 19% to $669,710. Overall, Paterson is more competitive than a year ago, so tougher for buyers.

Within Passaic County, homes here sell more slowly than in 62% of the county’s ZIP codes, and sell more often over asking than in 54%. On our competition score, Paterson ranks #271 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.