Curious about how closing costs stack up across the country? The average national closing costs totaled $4,876, according to a recent survey released by ClosingCorp.
This data represents the average closing costs, including lender’s title, owner’s title, settlement, appraisal, transfer taxes (where applicable), recording fees and other costs including inspection (pest, roof and home) services and land surveys. This data is compiled using real rates and fees as reported by more than 20,000 real estate service providers in the ClosingCorp Network.
It shows the states with the highest average closing costs were:
- District of Columbia ($12,573)
- New York ($9,341)
- Delaware ($8,663)
- Maryland ($7,211)
- Vermont ($6,839)
The states with the lowest closing costs were:
- North Carolina ($3,206)
- Iowa ($3,138)
- South Dakota ($2,996)
- Indiana ($2,934)
- Missouri ($2,905)
Tennessee came in just below the nationwide average, with closing cost of $4,361 for a for an average purchase price of $202,731.
Closing costs can vary significantly, depending on the state or county a homebuyer lives in. Many homebuyers are still surprised closing costs are even required—making it vital to keep educating borrowers and helping lenders improve the accuracy of their loan estimates in order to eliminate any surprises.
For agents closing with Melrose Title, we have our FREE title app, which puts all the information you need in the palm of your hand.
Our clients say this is the best Seller Net Sheet tool, which comes complete with closing costs, title insurance, mortgage payoffs, home insurance, property taxes and more
Sign up today to gain access to instant title quotes, seller net sheets and buyer estimates at the tap of a finger. You can easily access our web app from your phone, tablet or desktop 24 hours a day, 7 days a week. Save and share quotes, net sheets and ALTA forms for your clients on the fly for free!
This article and some of the data it contains was originally published on the ALTA Blog. Click here to view the original content.