Paterson’s housing market is experiencing notable shifts, presenting both challenges and opportunities for residents and investors. Understanding these dynamics is crucial for making informed decisions.
Current Market Trends
As of April 2026, the median listing price for homes in Paterson stands at $450,000, reflecting a 3.64% decrease from the previous year. Despite this dip, the median sold price has risen by 7.01% to $420,000, indicating sustained buyer interest. The average price per square foot is $309, a 10.17% decline year-over-year. Active listings have increased by 20.43% to 275, while the median days on market have decreased by 5.71% to 33 days, suggesting a more dynamic market. Source
Rental Market Insights
The rental sector in Paterson is also evolving. The median rent is currently $2,200 per month, a 6.38% decrease from the previous year. The number of rental properties has surged by 44.19% to 280, providing more options for tenants. Source
Development Projects
Several development initiatives are underway, aiming to enhance Paterson’s housing landscape:
24.5 Van Houten Street
Located in the Great Falls Historic District, this project plans to offer approximately 200 units of affordable senior housing by 2029. The development will integrate renovated historic mill buildings with new constructions and include retail spaces and a performing arts area. Source
Riverside Village Family Apartments
Completed in 2022, this development replaced the former Riverside Terrace complex with 246 new units, including a four-story senior building and 165 family townhomes. Amenities feature a community center, basketball courts, and playgrounds. Source
Barnert, Cotton, and Griffin Developments
Offering 112 accessible units at $350 per month, this public housing development addresses the need for affordable housing in Paterson. Source
Conclusion
Paterson’s housing market is in a state of flux, with declining listing prices but rising sold prices, an expanding rental inventory, and significant development projects. Staying informed about these trends is essential for anyone looking to navigate the local real estate landscape effectively.