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D.C home buyers pay highest average closing costs, report finds

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Closing costs when buying a home usually range from 2 to 5 percent of the purchase price. Not surprisingly, as home prices rise, so do closing prices.Recently report According to Closing Corp, a subsidiary of real estate data analysis firm CoreLogic, the national average of closure costs in 2021 was $ 6,905, including transfer taxes. This is 13.4 percent above the average closing cost in 2020.

DC homebuyers will be much higher in 2021 than other most expensive states such as Delaware ($ 17,859), New York ($ 16,849), Maryland ($ 14,721) and Washington ($ 13,927), 2021 We paid an average of $ 29,888 for closure costs, including annual distribution tax. Report.

Excluding transfer taxes, DC is still at the top of the list at $ 6,502, followed by New York ($ 6,168), Hawaii ($ 5,879), California ($ 5,665) and Massachusetts ($ 4,904).

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The amount of closing costs paid was high, but the percentage of purchase prices was low at 1.81% in 2021 compared to 1.85% in 2020. The closing cost calculation for this report includes the lender’s title policy, owner’s title policy, valuation fees, costs including settlement, recording fees, land surveys and transfer taxes.

Closing costs vary by jurisdiction, with an average of 5.4% in Delaware being the highest percentage of purchase price per state in 2021. Colorado and Wyoming tied at 0.7%, the lowest percentage of closing costs. The DC closing cost averages 3.9% of the purchase price, which is one of the highest percentages.

The proportion of high-value housing markets such as Hawaii and California was low, at 0.9% and 1%, respectively. This kept the average closing cost low to $ 7,463 in Hawaii and $ 7,953 in California.

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The states with the lowest closure costs, including taxes, were Missouri ($ 2,061), Indiana ($ 2,200), North Dakota ($ 2,501), Wyoming ($ 2,589), and Missouri ($ 2,756).

Excluding transfer taxes, the states with the lowest closure costs were Missouri ($ 2,061), Indiana ($ 2,200), Nebraska ($ 2,210), Arkansas ($ 2,281), and West Virginia ($ 2,465). Missouri and Indiana do not impose transfer taxes on real estate.

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