According to data from ClosingCorp, the average closing cost in Illinois is $5,609 after taxes, or approximately 1.87% to 2.8% of the final home sale price.
Closing cost stats in Illinois
Across the state, the average home sells for between $200,000 and $300,000. If you buy a property in that range, expect to pay between $3,739 and $8,414 in closing costs after taxes.
|Average home sale price||$200,000 to $300,000|
|Average total closing cost||$5,609|
|Expected closing cost range||$3,739 to $8,414|
|Percentage of closing cost to home sale price||1.87% to 2.8%|
How much does tax affect the closing cost?
Buyers and sellers in Illinois pay an average of $1,107 in tax combined for the closing. This accounts for 19.74% of the total average closing cost in Illinois.
|Average tax paid||$1,107|
|Percentage of total closing cost||19.74%|
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How do closing costs in Illinois compare nationally?
The closing costs for buying a home in Illinois are
amongst the nation's highest
after accounting for taxes. It’s 41st
in our rankings which rates states from lowest to highest closing cost.
|Average total closing cost in Illinois||Ranking*|
*Ranked from lowest to highest of the 50 states plus Washington DC
Closing costs are inevitable when you're buying or selling a property. The exact amount will vary depending on where the property is located in Illinois.
To save on your home loan, consider comparing the fees and rates of top lenders before signing.
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