Selling a Home Costs More Than You Think: Average Cost for Sellers in Each State
Much of the focus on housing transactions centers on the buyer and how much they have to spend on their new home. On the seller’s end, the main focus is on getting the right price and walking away with a tidy profit. But there are also considerable costs when you sell a home, and those costs can cut into your profit (or widen your loss) no matter where you live.
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American home sellers spend an average of nearly $55,000 on selling expenses, according to a recent Clever Real Estate survey of 1,014 U.S. home sellers. That figure includes closing costs as well as broker commissions, repairs/upgrades and other expenses.
Here’s a breakdown of typical expenses home sellers have to pay, according to the Clever survey:
Listing agent commission (median-priced home): $11,136
Buyer’s agent commission (median-priced home): $10,467
Pre- and post-listing repairs, improvements and renovations: $10,000
Closing costs: $8,000
Concessions to the buyer: $7,200
Moving costs: $3,250
Marketing: $2,300
Staging: $2,263
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Nearly two-thirds (64%) of survey respondents said they were surprised at the costs they had to pay, and 42% said costs were higher than expected. About nine in 10 (89%) recent sellers have regrets about their sale. Many believe that by taking a different approach, they could have sold their homes for about $50,000 more than they actually did.
Half of respondents complained that their listing agents failed them either through disappointing results, mistakes with the listing or lack of communication. At the same time, sellers who used an agent made about $34,000 more profit than those who didn’t. The vast majority of sellers — 89%, according to the National Association of Realtors — use an agent.
As with most costs, the amount you pay to sell your home varies widely depending on your location. In terms of closing costs alone, the state you live in (and the type of home) might make a difference of $22,000 or more. For example, closing costs for inexpensive homes in Montana ranged as low as $1,133, while costs for pricey homes in Hawaii reached nearly $24,000.
Clever Real Estate analyzed survey results to find the typical closing cost ranges across the country. Below are the average costs in each state. Keep in mind that these are closing costs only and don’t include agent commissions, repairs, marketing and other expenses.
State | Seller Closing Costs Range |
Alabama | $2,424-$9,012 |
Alaska | $2,648-$12,416 |
Arizona | $4,322-$15,291 |
Arkansas | $2,461-$8,599 |
California | $5,539-$23,682 |
Colorado | $2,572-$15,805 |
Connecticut | $7,637-$16,981 |
Delaware | $11,130-$19,884 |
Florida | $4,911-$14,758 |
Georgia | $3,663-$11,120 |
Hawaii | $4,831-$23,944 |
Idaho | $4,494-$15,664 |
Illinois | $2,656-$10,113 |
Indiana | $1,841-$7,839 |
Iowa | $1,360-$7,757 |
Kansas | $2,404-$8,983 |
Kentucky | $2,209-$7,560 |
Louisiana | $2,485-$7,329 |
Maine | $4,324-$14,383 |
Maryland | $6,412-$16,780 |
Massachusetts | $6,801-$20,410 |
Michigan | $5,475-$12,553 |
Minnesota | $3,502-$12,679 |
Mississippi | $1,656-$7,245 |
Missouri | $1,778-$7,944 |
Montana | $1,133-$12,439 |
Nebraska | $2,748-$10,023 |
Nevada | $4,846-$15,255 |
New Hampshire | $4,043-$16,098 |
New Jersey | $6,423-$19,051 |
New Mexico | $2,336-$10,002 |
New York | $5,386-$16,241 |
North Carolina | $2,452-$11,151 |
North Dakota | $2,173-$9,351 |
Ohio | $2,406-$8,946 |
Oklahoma | $3,070-$9,194 |
Oregon | $2,060-$14,136 |
Pennsylvania | $6,372-$13,229 |
Rhode Island | $3,553-$15,274 |
South Carolina | $3,375-$10,337 |
South Dakota | $3,984-$11,111 |
Tennessee | $3,434-$11,130 |
Texas | $4,528-$12,887 |
Utah | $2,581-$15,032 |
Vermont | $3,185-$12,048 |
Virginia | $4,175-$14,293 |
Washington | $9,786-$24,090 |
Washington, D.C. | $3,201-$16,978 |
West Virginia | $2,868-$7,262 |
Wisconsin | $2,961-$11,019 |
Wyoming | $2,035-$10,963 |
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This article originally appeared on GOBankingRates.com: Selling a Home Costs More Than You Think: Average Cost for Sellers in Each State