GITNUX MARKETDATA REPORT 2024

Statistics About The Average Cost Of Appraisal

The average cost of a home appraisal in the United States ranges from $300 to $450.

Last Updated: June 23, 2024

How we write

In this post, we will explore the various factors that influence the average cost of appraisals in the real estate industry. From the impact of federal loan programs to the differences between urban and rural settings, we will break down the statistics to give you a clear understanding of what to expect when budgeting for appraisal services.

Statistic 1

"Appraisals for federal loan programs often cost more due to stricter requirements."

Statistic 2

"Home appraisal costs tend to be higher in urban areas compared to rural areas."

Statistic 3

"In high-demand areas, real estate appraisal costs can increase by 20%-30%."

Statistic 4

"A multi-family property appraisal typically costs between $600 and $1,500."

Statistic 5

"Appraisal fees have increased in recent years due to a shortage of qualified appraisers."

Statistic 6

"Re-appraisal costs after a failed initial appraisal can be around $100 to $150."

Statistic 7

"FHA appraisals typically cost between $300 and $700."

Statistic 8

"Appraisal review fees can add an extra $50 to $150 to the cost."

Statistic 9

"The cost for a simple restricted appraisal report can start at around $300."

Statistic 10

"VA home appraisals can range from $425 to $875."

Statistic 11

"The average cost of a commercial property appraisal ranges from $2,000 to $10,000."

Statistic 12

"The cost for an appraiser to complete a new construction appraisal typically ranges from $450 to $550."

Statistic 13

"Desktop appraisals (no physical inspection) can cost less, ranging from $100 to $150."

Statistic 14

"The average cost of a home appraisal in the U.S. is between $300 and $400."

Statistic 15

"Complex residential appraisals can cost $500 or more."

Statistic 16

"Appraisal costs for investment properties can be higher due to the complexity and income approach method."

Statistic 17

"Appraisal costs for refinance are generally the same as for a home purchase, around $300-$400."

Statistic 18

"Some lenders cover the cost of appraisals for new home purchases."

Statistic 19

"Trip fee expenses (when an appraiser travels a long distance) can add $50 to the appraisal cost."

Statistic 20

"In some markets, urgent or expedited appraisals can cost up to twice the normal rate."

In conclusion, the average cost of an appraisal can vary significantly depending on various factors such as property type, location, urgency, and complexity. Appraisals for federal loan programs tend to be more expensive, especially in high-demand urban areas. The fees have been on the rise due to a shortage of qualified appraisers, with additional costs for review, re-appraisals, and trip fees further impacting the final price. Understanding these statistics can help individuals anticipate and budget for appraisal expenses when buying, refinancing, or investing in real estate properties.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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