Closing costs for the typical purchase of home now Top $ 4,600
Closing costs varied greatly throughout the country, from only 0.46% of the selling price in South Dakota to as high as 2.99% in Delaware, where transfer taxes played an important role.
“Some people may find it surprising how little the difference is between the median and average selling prices and closing costs,” said Ron Carvalho, director of data operations at Lodestar.
“It shows that there is not much crooked about the average for high or low transaction prices. Our data seems to suggest that there is a fairly tight price range in a certain market, perhaps a narrower price range than one would expect.”
The report notes that there is no transfer taxes or minimum – such as South Dakota, Alaska (0.54%) and North Carolina (0.56%) – usually the lowest closing costs compared to the selling prices.
On the other hand, states with some of the highest percentages were where the transfer taxes were the majority of the costs. Together with Delaware, New York, Vermont, Pennsylvania and Washington, DC at the top of the list.
Nationally, the average and median prices for housing sales in 2024 were $ 438,236 and $ 409,839 respectively. When recording costs and taxes, the average and median closing costs amounted to $ 4,661 and $ 3,513. Without taxes and recording costs, the average and median costs fell to $ 3,042 and $ 2,958.
Lodestar said that on 5 May it is planning to release a separate report on the closing costs of the refinancing mortgage. The full purchase closing report can be found here.
