According to data from ClosingCorp, the average closing cost in Minnesota is $3,842.64 after taxes, or approximately 1.28% to 1.92% of the final home sale price.
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 $2,561.76 and $5,763.96 in closing costs after taxes.
| Data | Value |
|---|---|
| Average home sale price | $200,000 to $300,000 |
| Average total closing cost | $3,842.64 |
| Expected closing cost range | $2,561.76 to $5,763.96 |
| Percentage of closing cost to home sale price | 1.28% to 1.92% |
Buyers and sellers in Minnesota pay an average of $1,415.18 in tax combined for the closing. This accounts for 36.83% of the total average closing cost in Minnesota.
| Value | |
|---|---|
| Average tax paid | $1,415.18 |
| Percentage of total closing cost | 36.83% |
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* | |
|---|---|---|
| Before taxes | $2,427.46 | 32 |
| After taxes | $3,842.64 | 29 |
*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.
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