Average closing costs in New York

Closing costs when buying a home in New York are higher than in most other states, particularly in competitive markets. These expenses are typically shared between the buyer and seller. How much are closing costs in New York state? Let’s look at how closing cost fees work in New York and what fees you can expect to pay.

How much are closing costs in New York?

The average closing costs on a home purchase in New York are $23,501, based on data from Rocket Mortgage®.¹ That's 62% more than the national average of $14,422, making New York's average purchase closing costs the second highest in the United States after the District of Columbia.

When refinancing, the average closing costs in New York were $12,462, which is the highest in the nation.² It's 42% more than the national average of $8,762.

One of the primary reasons for high closing costs in New York is the price of housing in the Empire State.

According to Redfin data, the median home sale price in New York state was $554,800 as of October 2025. In comparison, the national median was $439,846 for that same period, a difference of $114,954. Higher property values are one of the primary reasons closing costs in New York tend to be so steep, especially in high-demand markets.

That means buyers in New York pay about 4.2% of the median sale price in closing costs when purchasing a home.

What is included in closing costs in New York?

Closing costs in New York cover a wide range of fees and services needed to finalize a real estate transaction. While buyers and sellers typically share the costs, each side is responsible for different expenses. And in many cases, these fees can be negotiated as part of the purchase and sale agreement.

If you’re buying or selling in New York City, be prepared to pay additional charges that can significantly increase your costs:

• Mansion tax. Buyers pay the NYC mansion fee on properties priced over $1 million, with rates that rise progressively with the purchase price. 
• Move-out deposit. Some co-ops and condos require sellers to pay a refundable move-out deposit to cover potential damage or to compensate for the use of the elevator during the move.
• Mortgage recording tax. Buyers who finance their home purchase in New York City must pay a mortgage recording tax, which is based on the loan amount. 

Below is a table outlining some of the most common closing costs you might encounter when buying or selling a home in New York. This list isn’t exhaustive, but it covers many of the standard seller and buyer fees you can expect to see.

Tips for reducing your closing costs in New York 

Closing costs in New York can add up quickly, but there are several ways to minimize what you’ll pay at the closing table. Here are a few strategies to consider:

• Seller concessions. One of the most common ways to reduce your out-of-pocket costs is to ask the seller to cover a portion of your closing costs. Seller concessions can be an important part of negotiations, especially if the home has been on the market for a while or the seller is motivated to close quickly. 
• Lender shopping. Every lender structures their fees differently. Comparing loan estimates from multiple lenders can help you identify lower origination or underwriting fees, as well as better interest rate options. Even a slight difference in lender costs can save you hundreds or even thousands of dollars.
• Negotiating a lower sale price. Because closing costs are calculated as a percentage of your home's purchase price, negotiating a lower sale price can directly reduce your total costs. For example, reducing the purchase price by $10,000 could save you between $200 and $500 in closing fees, depending on your percentage.

Bottom line: New York closing costs are higher than most

New York is one of the most expensive states to buy a home and pay closing costs. Both buyer and seller fees are higher due to the state’s unique taxes, legal requirements, and high property values. Some of these costs can’t be avoided, but understanding how these fees work and how to negotiate them can make the process more manageable.

If you’re ready to take the next step toward homeownership, you can start your application today with Rocket Mortgage.

[1] Data pulled from Rocket Mortgage closing costs info from Aug. 15, 2024, to Aug. 15, 2025.

² Refinancing may increase finance charges over the life of the loan.