Is Paterson, NJ 07504 a buyer’s or seller’s market?
Paterson is a seller’s market. With about 3.6 months of supply and 88% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
#26 of 92 ZIP codes in Bergen, Hudson & Passaic, NJ, and #207 of 531 across all the markets we track.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. How the heat score works
The Paterson housing market right now
In the three months ending August 31, 2026, 88% of homes in Paterson, NJ 07504 sold above their list price, the typical home went under contract in 75 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 17 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 65%, homes sold more slowly (56 days then) and the median sale price rose 8% to $599,740. Overall, Paterson is more competitive than a year ago, so tougher for buyers.
Within Passaic County, homes here sell more slowly than in 88% of the county’s ZIP codes, and sell more often over asking than in any other ZIP code in the county. On our competition score, Paterson ranks #294 of 444 NJ ZIP codes with enough sales (score 70 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).
Run the numbers for 07504
Nearby markets
Bloomingdale 07403Seller’s market $410 /sq ftClifton 07011Seller’s market $426 /sq ftClifton 07012Seller’s market $498 /sq ftClifton 07013Seller’s market $434 /sq ft Browse all markets →Towns like Paterson nearby
Find towns like Paterson in other states →Where Paterson is
Loading map…
Questions about Paterson real estate
Is Paterson a buyer’s or seller’s market?
A seller’s market: there were 3.6 months of supply in Paterson, NJ 07504 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Paterson?
The typical home went under contract in 75 days in the latest three months.
Do homes in Paterson sell over asking?
88% of homes sold above their original list price, and the typical sale closed at 104.5% of the list price.
What are property taxes in Paterson?
About 2.42% of a home’s value a year in Paterson City, Passaic County, or roughly $9,684 on a $400,000 home.
What is the median home price in Paterson?
The median sale price was $599,740 in the three months ending August 31, 2026, about $294 per square foot.
Local agents
See all agents in 07504 →No sponsored agents in 07504 yet. Are you an agent here? Put your name in front of local buyers.
More tools for 07504
Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology