Is Paterson, NJ 07524 a buyer’s or seller’s market?
Paterson is a buyer’s market. With about 6.7 months of supply, buyers usually have more time and more room to negotiate on price and terms.
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, 50% of homes in Paterson, NJ 07524 sold above their list price, the typical home went under contract in 65 days and there were 6.7 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 10 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 62%, homes sold faster (99 days then) and the median sale price rose 7% to $624,730. Overall, Paterson is about as competitive as it was a year ago.
Within Passaic County, homes here sell more slowly than in 73% of the county’s ZIP codes, and sell less often over asking than in 85%.
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.
Run the numbers for 07524
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
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Questions about Paterson real estate
Is Paterson a buyer’s or seller’s market?
A buyer’s market: there were 6.7 months of supply in Paterson, NJ 07524 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 65 days in the latest three months.
Do homes in Paterson sell over asking?
50% of homes sold above their original list price, and the typical sale closed at 100.4% 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 $624,730 in the three months ending August 31, 2026, about $311 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology