ClosingCorp: Closing Costs Average $5,651
July 26, 2018
The national average closing costs for a single-family property totaled $5,651 including taxes and $3,438 excluding taxes, according to data released by ClosingCorp.
The closing costs are calculated using the average home sale prices (within a $100,000 range) for single-family properties at the state, core-based statistical area (CBSA) and county levels, and include lender’s title, owner’s title, appraisals, settlement fees, recording fees, land surveys and transfer tax (where applicable). Closing fees for over 900,000 purchase transactions between October 2017 and March 2018 were analyzed.
The data shows the states with the highest average closing costs including taxes were:
- District of Columbia ($20,228)
- New York ($15,254)
- Maryland ($13,358)
- Delaware ($13,293)
- Pennsylvania ($10,206).
The states with the lowest closing costs including taxes were:
- Missouri ($1,856)
- Iowa ($1,913)
- Indiana ($1,992)
- Nebraska ($2,017)
- Mississippi ($2,158)
The states with the highest average closing costs excluding taxes were:
- District of Columbia ($6,206)
- Hawaii ($5,956)
- California ($5,276)
- New York ($4,915)
- Washington ($4,860)
The states with the lowest closing costs excluding taxes were:
- Iowa ($1,808)
- Missouri ($1,856)
- Nebraska ($1,897)
- Indiana ($1,992)
- Arkansas ($2,030)
“As you can see, closing costs can vary substantially even within a given market,” said Bob Jennings, chief executive officer of ClosingCorp. “At ClosingCorp, we believe better transparency is the answer. It’s our responsibility to help lenders better educate borrowers on closing fees and taxes, so that there are no surprises when they decide to buy a home.”
Resources
Click here to access information to educatehomebuyers about the benefits of title insurance and the closing process. You can also direct consumers to www.homeclosing101.org.
Contact ALTA at 202-296-3671 or communications@alta.org.