Home appraisals are used to determine the true value of a home for both home buyers and sellers, so they are key to every real estate transaction. If you’re commissioning an appraisal, expect to spend between $260 and $442.
The estimates in this pricing guide are based on the average costs of home appraisals in the U.S., from large metros to small cities. The cost of your specific appraisal will depend on the property type, appraisal type, and the availability of comparables.
Cost by Location
Appraisal charges can vary depending on where you live. Home appraisals are generally less expensive in rural areas than in urban areas. However, if an appraiser needs to travel a long distance to reach a property in a rural area, they may charge more for the extra travel time and expenses.
In urban areas, appraisal costs are higher due to the increased cost of living. Additionally, in high-demand metropolitan areas like New York, appraisal fees may be even more expensive due to the higher demand for services.
Below is a table with examples of home appraisal costs in a mix of urban and rural cities across the U.S.
| Location | Average Home Appraisal Cost |
| Northeast U.S. | |
| Pawtucket, RI | $257 – $438 |
| New York, NY | $359 – $610 |
| Southeast U.S. | |
| Jacksonville, FL | $205 – $349 |
| Dothan, AL | $223 – $379 |
| Atlanta, GA | $225 – $384 |
| Charlotte, NC | $228 – $388 |
| Midwest U.S. | |
| Chicago, IL | $292 – $498 |
| South Bend, IN | $299 – $509 |
| Northwest U.S. | |
| Corvallis, OR | $258 – $439 |
| Seattle, WA | $273 – $465 |
| Southwest U.S. | |
| San Antonio, TX | $219 – $373 |
| Albuquerque, NM | $249 – $424 |
Cost by Type of Property
The cost of a home appraisal can vary based on the type of property being appraised. Single-family homes with traditional loans are the most common property type, so they fall in the mid-range for appraisal costs.
If your home has additional features like a pool, patio, or water features, the appraiser will require extra time, which may increase the appraisal fee. Here are the average appraisal costs for various property types and the reasons behind those variations.
| Property Type | Average Appraisal Cost |
| Unimproved residential lot | $250 – $750 |
| Single-family home (standard loan) | $300 – $400 |
| Mobile home | $300 – $775 |
| Condo | $383 – $533 |
| Single-family home (Government-backed loan) | $400 – $767 |
| Multi-family home | $533 – $1,000 |
| Ranch / Farm | $800 – $2,000 |
| Apartment Building | $1,500 – $3,000 |
- Unimproved Residential Lot: Appraisals for unimproved land come in fairly low since there are far fewer things to analyze than on a developed property. But, the price can vary based on lot size and other factors, like access problems.
- Single Family Home (Standard Loan): These homes are simple to appraise because appraisals rely heavily on what comparable homes are selling for in a given area.
- Mobile Home: Appraisal fees for mobile homes are lower due to their simple structure. Costs can go up if one is in a park or needs some specific appraising expertise (like whether it’s on a permanent foundation).
- Condo: Condo appraisals can be more expensive because the report includes an appraisal of the overall condition of the building, common areas, and HOA factors.
- Single-family Home (Government-backed Loan): Appraisers follow stringent government requirements for homes with government-backed loans (FHA, VA, or USDA). That’s why you will likely pay more for an appraisal on a government-backed loan than a conventional one.
- Multi-family Home: Multi-family homes are costlier to appraise due to the added challenge of assessing several units and the physical condition of the building overall. The appraiser also analyzes the property’s overall earning potential.
- Ranch / Farm: Appraisals for ranch and farm properties tend to be costlier due to a more complex evaluation of the land, such as the agricultural value, zoning regulation, and use of the property. Sometimes, appraisers have to consider crop or livestock value.
- Apartment Building: While an apartment building is used for residential living, it is considered a commercial property due to its income possibilities. An appraiser must evaluate multiple units, common areas, and shared amenities. Because it requires more effort, the appraisal cost is higher than for other property types.
Cost by Type of Appraisal
Depending on the type of appraisal, both cost and process vary. The traditional type of appraisal is the most common type and follows a systematic approach. Drive-by is commonly used for things like refinancing or home equity lines of credit.
The table below shows the average cost of different types of appraisals and when they are used.
| Appraisal Type | Average Appraisal Cost |
| Desktop | $75 – $200 |
| Drive-by | $100- $150 |
| Hybrid | $250 – $375 |
| Traditional | $363 – $525 |
- Traditional appraisal: In this type, the appraiser inspects your home’s interior and exterior. They take measurements and photos and evaluate the home’s condition. Then, they compare the property to similar homes nearby to establish a value. This kind of appraisal is usually needed when purchasing or refinancing a home.
- Drive-by appraisal: With a drive-by appraisal, the appraiser will only look at the outside of the home. They do not walk through the property but use public records and sales data to estimate its value. This type of appraisal isn’t accepted for mortgage purposes.
- Hybrid appraisal: In this type, one person visits the property, and another analyzes the data. The inspector collects information about the home’s condition and features and provides it to the appraiser, who establishes the value. This is faster and cheaper but isn’t accepted by all mortgage lenders.
- Desktop appraisal: A desktop appraisal is performed totally online. An appraiser uses publicly available property data, floor plans, and sales data to determine the home’s estimated value without visiting the property. This can be useful for homeowners wanting a rough estimate before listing their home.
Other Factors That Affect Cost
Along with the appraisal type, a few factors can affect the cost of a home appraisal. See the cost factors below and check if they apply to your property.
Report Cost
If your property is a multi-family type, the appraisal process requires more detailed information and takes additional time, which results in higher costs. Generally, a standard home appraisal report is about 4 pages, while a multi-family appraisal report typically spans 6 pages.
Amount of Comps
Comps is short for ‘comparables,’ which refers to comparing two or more properties. This is also known as a comparable value. Many appraisers charge the same rates for properties with similar specifications, such as size, location, and layout.
However, if your property is older or a similar property is not available nearby, the appraiser will need to find one further away for comparison. In such cases, you can expect to pay slightly higher fees.
Seasonal Conditions
If the appraiser faces difficulties reaching the property due to seasonal factors like snow or heavy storms, they may increase their fees. This also applies if you request the appraiser visit outside regular business hours.
Home Appraisal vs. Home Inspection
Home appraisals and inspections are essential in home buying, yet they accomplish somewhat different goals.
The average price of a home inspection is between $265 and $475. It determines the overall condition of the house and identifies actual or potential structural problems. The house inspector will review the entire structure and inspect it from top to bottom, looking at the walls, ceilings, floors, windows, doors, plumbing, and electrical and mechanical systems.
When the inspection is complete, the inspector will give an unbiased report that may suggest changes, repairs, or a few upgrades.
FAQ
The person purchasing the house pays for the appraisal, although the appraiser is generally chosen by the mortgage lender.
An appraiser is a qualified and certified real estate expert governed by state appraisal boards. No appraiser can be manipulated by a client in any way, whether they are the buyer, seller, real estate agent, or lender.
The home’s location is the most important factor in determining its value. If the property is located in an unattractive area or adjacent to a junkyard or a busy street, the home’s value will suffer directly. However, the value of your home will go up if it’s located on a charming street that’s been well-maintained and is within walking distance of a reputable shopping center.
Keep Your Home in Top Condition
Your home will receive the highest possible appraisal value if everything is in good working condition. To get the best value, it’s recommended that you hire a professional home inspector and make the necessary repairs or replacements based on their suggestions.
Home Gnome offers the best home service experience with just a click. Whether you need roofing, pool maintenance, or any service in between, our professionals will handle it with the utmost care.
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