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Average residential closing costs in New Hampshire are the 15th highest in the nation, according to a newly released analysis--but they are the ninth lowest when the real estate transfer tax is subtracted from the equation.

The analysis, released by Closing-Corp, a provider of residential real estate closing cost data for the mortgage and real estate services industries, found that closing costs for a single-family property in New Hampshire average $4,397. Without taxes, costs average $2,720.

Nationally, average closing costs for a single-family property totaled $5,651 including taxes and $3,438 excluding taxes.

ClosingCorp said costs were calculated using the average home sale prices (within a $100,000 range) for single-family properties and include lender's title, owner's title, appraisals, settlement fees, recording fees, land surveys and transfer tax, where applicable.

It said the survey uses "market-specific" rates and fees charged by the most active settlement services providers in the ClosingCorp Network in each specific geographic area reported, not just an average of all the providers in the network.

With the highest average closing costs including taxes were: District of Columbia ($20,228); New York ($15,254); Maryland ($13,358); Delaware ($13,293); and Pennsylvania ($10,206). Lowest closing costs including taxes were in: Missouri ($1,856); Iowa ($1,913); Indiana ($1,992); Nebraska ($2,017); and Mississippi ($2,158).

With the highest average closing costs excluding taxes were: District of Columbia ($6,206); Hawaii ($5,956); California ($5,276); New York ($4,915); and Washington ($4,860). States with the lowest closing costs excluding taxes were: Iowa ($1,808); Missouri ($1,856); Nebraska ($1,897); Indiana ($1,992); and Arkansas ($2,030).

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Author:Feingold, Jeff
Publication:New Hampshire Business Review
Date:Aug 31, 2018
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