Which states had the highest closing costs in October?
According to a recent report from ClosingCorp, New York had the highest average closing cost at $9,341.
Rounding out the top five most expensive states were Delaware ($8,663), Maryland ($7,211), Vermont ($6,839) and Pennsylvania ($6,633).
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 report breaks out the Washington D.C. area to show that the average closing cost there was $12,573.
The average total closing cost for a mortgage nationwide was about $4,876.
“Closing costs can vary significantly, depending on the state or county a homebuyer lives in,” explains Bob Jennings, CEO of ClosingCorp, in a release. “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.”
“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,” Jennings adds.
ClosingCorp’s 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.
The data is compiled using real rates and fees as reported by the 20,000+ real estate service providers in the ClosingCorp Network.