Add either of the script to content editor web part.

Plain JavaScript version: (This code assumes that there is only one “new item” text in the entire page.)

<script>
    document.addEventListener("DOMContentLoaded",
        function () {
            ExecuteOrDelayUntilScriptLoaded(function () {
                var ReRenderListView_old = ReRenderListView
                ReRenderListView = function (b, l, e) {
                    ReRenderListView_old(b, l, e)
                    changeText()
                }
            }, "inplview.js")
            changeText()
        }
    );

    function changeText() {
        var element = document.querySelector('#idHomePageNewItem span:nth-child(2)')
        element ? (element.innerHTML = "Add item") : null
    }

</script>

jQuery version: (This code can replace any number of “new item” text)

<script src="https://ajax.googleapis.com/ajax/libs/jquery/3.1.0/jquery.min.js"></script>

<script>
    $(document).ready(function () {

        var spans = document.getElementsByTagName("span");
        for (var i = 0; i < spans.length; i++) {
            if (spans[i].innerHTML == "new item") {
                spans[i].innerHTML = "add item";
                break;
            }
        }

    });

</script>

Source: sharepoint.stackexchange.com

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