The national average closing costs totaled $4,876, according to a new data analysis from San Diego-based ClosingCorp.
The $4,876 figure encompasses lender’s title, owner’s title, settlement, appraisal, the applicable transfer taxes, recording fees and other costs including inspection 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.
Among the states, the highest average closing costs were in the District of Columbia ($12,573), New York ($9,341), Delaware ($8,663), Maryland ($7,211), and 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), and Missouri ($2,905). The New York City metro area had the largest closing cost for a specific market at $9,046, while the lowest metro closing costs were in Muncie, Ind., at $2,785.
“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,” said Bob Jennings, CEO of ClosingCorp.