According to data from ClosingCorp, the average closing cost in Minnesota is $3,785 after taxes, or approximately 1.26% to 1.89% of the final home sale price.
Closing cost stats in Minnesota
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 $2,523 and $5,678 in closing costs after taxes.
|Average home sale price||$200,000 to $300,000|
|Average total closing cost||$3,785|
|Expected closing cost range||$2,523 to $5,678|
|Percentage of closing cost to home sale price||1.26% to 1.89%|
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How much does tax affect the closing cost?
Buyers and sellers in Minnesota pay an average of $1,351 in tax combined for the closing. This accounts for 35.69% of the total average closing cost in Minnesota.
|Average tax paid||$1,351|
|Percentage of total closing cost||35.69%|
How do closing costs in Minnesota compare nationally?
The closing costs for buying a home in Minnesota are above the national average after accounting for taxes. It’s 29 in our rankings which rates states from lowest to highest closing cost.
|Average total closing cost in Minnesota||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 Minnesota.
To save on your home loan, consider comparing the fees and rates of top lenders before signing.
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