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10/24/2017

ClosingCorp Reports Average Mortgage Closing Cost Data

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).

“Closing costs can vary significantly, depending on the state or county a homebuyer lives in. For example, five counties in New York—Kings, Queens, Bronx, Richmond and Suffolk—had the highest closing costs, going well above the national and state average, due to having some of the highest transfer taxes in the country,” said Bob Jennings, chief executive officer of ClosingCorp. “Of course, many homebuyers are still surprised closing costs are even required—making it vital for our company to keep educating borrowers and helping lenders improve the accuracy of their loan estimates in order to eliminate any surprises.”

According to 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 an 80 percent  loan-to-value ratio, 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.

Average Closing Costs by State

State

Average Purchase Price

Average Total Closing Costs

NATIONAL

$271,363

$4,876

AK

$304,787

$3,752

AL

$176,915

$3,687

AR

$151,254

$3,843

AZ

$251,781

$4,675

CA

$522,718

$6,288

CO

$365,366

$3,994

CT

$250,171

$4,068

DC

$625,000

$12,573

DE

$258,018

$8,663

FL

$250,920

$4,810

GA

$216,993

$4,129

HI

$656,346

$5,528

IA

$184,371

$3,138

ID

$228,817

$3,994

IL

$218,770

$5,347

IN

$155,419

$2,934

KS

$179,743

$3,697

KY

$164,666

$3,235

LA

$193,590

$4,330

MA

$373,397

$4,273

MD

$316,092

$7,211

ME

$215,355

$3,760

MI

$177,274

$3,663

MN

$230,247

$3,903

MO

$178,477

$2,905

MS

$164,046

$3,371

MT

$275,452

$4,218

NC

$207,980

$3,206

ND

$230,589

$3,594

NE

$187,819

$3,270

NH

$258,762

$5,202

NJ

$304,952

$4,547

NM

$222,918

$3,894

NV

$306,410

$4,639

NY

$359,525

$9,341

OH

$160,172

$3,369

OK

$164,645

$3,581

OR

$331,379

$4,495

PA

$189,724

$6,633

RI

$251,960

$3,735

SC

$206,384

$3,495

SD

$202,500

$2,996

TN

$202,731

$4,361

TX

$224,233

$4,126

UT

$281,258

$4,538

VA

$324,563

$5,575

VT

$228,892

$6,839

WA

$369,213

$5,954

WI

$189,315

$3,804

WV

$153,469

$3,492

WY

$247,584

$3,725


 

CBSAs with the Highest Average Closing Costs

CBSA

Average Purchase Price

Average Total Closing Costs

New York-Newark-Jersey City, NY-NJ-PA

$418,833

$9,046

San Francisco-Oakland-Hayward, CA

$779,526

$8,907

Dover, DE

$216,700

$8,147

Washington-Arlington-Alexandria, DC-VA-MD-WV

$470,309

$8,065

Reading, PA

$164,000

$7,863

 

CBSAs with the Lowest Average Closing Costs 

CBSA

Average Purchase Price

Average Total Closing Costs

Muncie, IN

$104,900

$2,785

Marion, IN

$84,250

$2,813

Kokomo, IN

$119,750

$2,831

Indianapolis-Carmel-Anderson, IN

$169,215

$2,878

Jefferson City, MO

$136,122

$2,903

Counties with the Highest Average Closing Costs 

County

Average Purchase Price

Average Total Closing Costs

District of Columbia, DC

 $625,000

$12,573

Kings, NY

 $570,000

$13,388

Queens, NY

 $540,000

$12,476

Bronx, NY

 $479,000

$11,549

Richmond, MY

 $500,000

$11,414

Pitkin, CO

 $650,411

$9,702

Sussex, DE

 $309,900

$9,462

Westchester, NY

 $495,000

$10,747

Suffolk, NY

 $352,500

$11,289

Montgomery, MD

 $485,000

$9,384

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