Is Paterson, NJ 07514 a buyer’s or seller’s market?

The Paterson housing market right now

In the three months ending August 31, 2026, 44% of homes in Paterson, NJ 07514 sold above their list price, the typical home went under contract in 38 days and there were 8.2 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. With only 9 sales, these figures can swing a lot from month to month.

Compared with the same period a year earlier, the share selling over asking fell from 57%, homes sold faster (65 days then) and the median sale price held steady to $556,459. Overall, Paterson is less competitive than a year ago, which gives buyers more room.

Within Passaic County, homes here sell faster than in 54% of the county’s ZIP codes, and sell less often over asking than in 88%.

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.