Is Paterson, NJ 07505 a buyer’s or seller’s market?
Paterson is a seller’s market. With about 3.2 months of supply and 0% 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.
Not ranked this month. Fewer than 15 sales in the 3-month window, so the numbers can swing too much to compare fairly. How the heat score works
The Paterson housing market right now
In the three months ending August 31, 2026, 0% of homes in Paterson, NJ 07505 sold above their list price, the typical home went under contract in 256 days and there were 3.2 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. With only 1 sale, these figures can swing a lot from month to month.
Within Passaic County, homes here sell more slowly, and less often over asking, than in any other ZIP code in the county.
Nearby, Paterson 07504 (88% sold over asking) and Hawthorne 07506 (83% sold over asking) are even more competitive.
Run the numbers for 07505
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 →Where Paterson is
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Questions about Paterson real estate
Is Paterson a buyer’s or seller’s market?
A seller’s market: there were 3.2 months of supply in Paterson, NJ 07505 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 256 days in the latest three months.
Do homes in Paterson sell over asking?
0% of homes sold above their original list price, and the typical sale closed at 96.6% 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 $1,349,416 in the three months ending August 31, 2026.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology