Jamie Simon-Wainick is a real estate professional committed to assisting New Jersey clients in the property acquisition and sale process. Knowledgeable about the community she serves, Jamie Simon-Wainick stays informed on real estate trends across northern New Jersey. One community that has witnessed significant growth is Paterson, which traditionally had crime issues that hampered property investment. However, Zillow data indicates that two Paterson zip codes are among those that appreciated most rapidly from February 2020 to June 2021, with “07501” jumping 32 percent and “07522” rising 26 percent. A major contributor was demographic shifts related to the pandemic.

1. Northern New Jersey’s Paterson Real
Estate Market Rises
Jamie Simon

2. Introduction
Jamie Simon-Wainick is a real estate professional committed to assisting New Jersey
clients in the property acquisition and sale process. Knowledgeable about the
community she serves, Jamie Simon-Wainick stays informed on real estate trends
across northern New Jersey.

3. One community that has witnessed significant growth is Paterson, which traditionally
had crime issues that hampered property investment. However, Zillow data indicates
that two Paterson zip codes are among those that appreciated most rapidly from
February 2020 to June 2021, with “07501” jumping 32 percent and “07522” rising 26
percent. A major contributor was demographic shifts related to the pandemic.

4. In particular, there was increased demand for spacious, relatively affordable suburban
and exurban properties in cities such as Paterson that are near to New York City and
offer seamless accessibility to major highways. Other markets in which demand spiked
for a similar reason include Hoboken and Edgewater.

5. Another factor driving growth is the thousands of apartments that have been built in
Paterson over the past decade to replace abandoned structures and vacant lots. This
urban infill strategy has transformed neighborhoods in what is still a vibrant, multi-ethnic
community. Despite this growth, Paterson is still considered reasonably priced, as its
July 2021 median home price ($370,145) was significantly below the median for Passaic
County ($429,317).