Is Paterson, NJ 07522 a buyer’s or seller’s market?

The Paterson housing market right now

In the three months ending August 31, 2026, 58% of homes in Paterson, NJ 07522 sold above their list price, the typical home went under contract in 66 days and there were 7.5 months of supply. More than six months of supply favors buyers, who usually have more time and more room to negotiate. That’s based on 27 home sales.

Compared with the same period a year earlier, the share selling over asking rose from 31%, homes sold faster (82 days then) and the median sale price rose 43% to $679,706. Overall, Paterson is more competitive than a year ago, so tougher for buyers.

Within Passaic County, homes here sell more slowly than in 77% of the county’s ZIP codes, and sell less often over asking than in 65%. On our competition score, Paterson ranks #360 of 444 NJ ZIP codes with enough sales (score 60 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.