ClosingCorp, a leading provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, today
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Average Closing Costs by State |
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| State | Average Purchase Price |
Average Total Closing |
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NATIONAL |
$271,363 | $4,876 | ||
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AK |
$304,787 | $3,752 | ||
|
AL |
$176,915 | $3,687 | ||
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AR |
$151,254 | $3,843 | ||
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AZ |
$251,781 | $4,675 | ||
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CA |
$522,718 | $6,288 | ||
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CO |
$365,366 | $3,994 | ||
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CT |
$250,171 | $4,068 | ||
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DC |
$625,000 | $12,573 | ||
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DE |
$258,018 | $8,663 | ||
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FL |
$250,920 | $4,810 | ||
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GA |
$216,993 | $4,129 | ||
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HI |
$656,346 | $5,528 | ||
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IA |
$184,371 | $3,138 | ||
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ID |
$228,817 | $3,994 | ||
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IL |
$218,770 | $5,347 | ||
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IN |
$155,419 | $2,934 | ||
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KS |
$179,743 | $3,697 | ||
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KY |
$164,666 | $3,235 | ||
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LA |
$193,590 | $4,330 | ||
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MA |
$373,397 | $4,273 | ||
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MD |
$316,092 | $7,211 | ||
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ME |
$215,355 | $3,760 | ||
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MI |
$177,274 | $3,663 | ||
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MN |
$230,247 | $3,903 | ||
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MO |
$178,477 | $2,905 | ||
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MS |
$164,046 | $3,371 | ||
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MT |
$275,452 | $4,218 | ||
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NC |
$207,980 | $3,206 | ||
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ND |
$230,589 | $3,594 | ||
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NE |
$187,819 | $3,270 | ||
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NH |
$258,762 | $5,202 | ||
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NJ |
$304,952 | $4,547 | ||
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NM |
$222,918 | $3,894 | ||
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NV |
$306,410 | $4,639 | ||
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NY |
$359,525 | $9,341 | ||
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OH |
$160,172 | $3,369 | ||
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OK |
$164,645 | $3,581 | ||
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OR |
$331,379 | $4,495 | ||
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PA |
$189,724 | $6,633 | ||
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RI |
$251,960 | $3,735 | ||
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SC |
$206,384 | $3,495 | ||
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SD |
$202,500 | $2,996 | ||
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TN |
$202,731 | $4,361 | ||
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TX |
$224,233 | $4,126 | ||
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UT |
$281,258 | $4,538 | ||
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VA |
$324,563 | $5,575 | ||
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VT |
$228,892 | $6,839 | ||
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WA |
$369,213 | $5,954 | ||
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WI |
$189,315 | $3,804 | ||
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WV |
$153,469 | $3,492 | ||
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WY |
$247,584 | $3,725 | ||
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CBSAs with the Highest Average Closing Costs |
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| CBSA |
Average Purchase |
Average Total |
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New York-Newark-Jersey City, NY-NJ-PA |
$418,833 | $9,046 | ||
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San Francisco-Oakland-Hayward, CA |
$779,526 | $8,907 | ||
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Dover, DE |
$216,700 | $8,147 | ||
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Washington-Arlington-Alexandria, DC-VA-MD-WV |
$470,309 | $8,065 | ||
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Reading, PA |
$164,000 | $7,863 | ||
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CBSAs with the Lowest Average Closing Costs |
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| CBSA |
Average Purchase |
Average Total |
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Muncie, IN |
$104,900 | $2,785 | ||
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Marion, IN |
$84,250 | $2,813 | ||
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Kokomo, IN |
$119,750 | $2,831 | ||
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Indianapolis-Carmel-Anderson, IN |
$169,215 | $2,878 | ||
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Jefferson City, MO |
$136,122 | $2,903 | ||
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Counties with the Highest Average Closing Costs |
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| County |
Average Purchase |
Average Total |
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District of Columbia, DC |
$625,000 | $12,573 | ||
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Kings, NY |
$570,000 | $13,388 | ||
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Queens, NY |
$540,000 | $12,476 | ||
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Bronx, NY |
$479,000 | $11,549 | ||
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Richmond, MY |
$500,000 | $11,414 | ||
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Pitkin, CO |
$650,411 | $9,702 | ||
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Sussex, DE |
$309,900 | $9,462 | ||
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Westchester, NY |
$495,000 | $10,747 | ||
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Suffolk, NY |
$352,500 | $11,289 | ||
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Montgomery, MD |
$485,000 | $9,384 | ||
Data by closing cost category and for additional CBSAs and counties available upon request.
Methodology
ClosingCorp median fees are derived by running preconfigured loan scenarios against the verified rates and fees data it maintains for service providers and tax authorities with coverage in every county nationwide. The preconfigured loan scenarios are based on different loan types, loan purposes and loan amounts in $25,000 increments up to $100,000 then $100,000 increments up to $20,000,000. The results of running the preconfigured loan scenarios and application of the endorsement rules generates the median fees for every county. The results at the county level are rolled up to the CBSA level using number of housing units per county to create a weighted average. Assuming 80% LTV, ClosingCorp uses the median sales price for a given period for each CBSA and applies the fee calculation formulas to derive the median fees by CBSA. The median fees are for the following services: Title, Settlement, AMC, Home Inspection, Pest Inspection, Land Survey, Recording Fees and Transfer taxes. These are third party services and government fees required to fund a home loan.
About ClosingCorp
Headquartered in San Diego, Calif., ClosingCorp owns and operates the premier source of intelligence for closing costs and service providers in the U.S. residential real estate industry. Through innovative solutions, progressive technologies and strong alliances, the company delivers timely, accurate and transparent results that help optimize closing processes and services for mortgage lenders, title and settlement companies and real estate professionals. Clients rely on ClosingCorp to help improve efficiencies and mitigate risk. For more information, please visit www.closing.com.
Source: ClosingCorp Reports Average Mortgage Closing Cost Data | Business Wire
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Average Closing Costs by State