The article discusses the variation in closing costs across the U.S. real estate market, highlighting that South Dakota has the lowest costs at 0.46%, while Delaware has the highest at 2.99%, primarily due to transfer taxes. Ron Carvalho from LodeStar points out the minimal skew in average and median closing prices, suggesting a tighter pricing range in most markets. States with low or no transfer taxes, like Alaska and North Carolina, also reported lower closing costs. The national average home sale price in 2024 was reported at $438,236, with average closing costs including taxes at $4,661.
Closing costs vary significantly across the U.S., with South Dakota's low 0.46% and Delaware's high 2.99%, indicating a clear link to transfer taxes.
Ron Carvalho explains that the close median and average sales prices imply a tighter price range in markets than expected, showing less skewing of transaction prices.
States like South Dakota and Alaska, with minimal transfer taxes, maintain the lowest closing costs, whereas higher costs are seen in states like Delaware and New York.
National averages in 2024 indicated that home sale prices were $438,236, with closing costs averaging $4,661 when taxes and fees were included.
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