How Much Does a Home Appraisal Cost? [2024 Data]

Cost of a Home Appraisal Near You

The cost of a local home appraisal varies depending on your location and other factors. The national average cost of appraising a home is $357, while the typical range for homeowners is between $314 at the low end and $423 at the high end.

Here is a range of average home appraisal costs throughout the country:

How Much Does a Home Appraisal Cost by Home Type?

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Appraisal fees are generally higher for more expensive homes and properties, and you can estimate appraisal costs around 0.15% to 0.30% of the home’s value. When broken down by the average cost per home type, average appraisal costs look like this:

Single-Family Home (Standard Loan)

A typical single-family home with a conventional mortgage will cost between $300 and $400 to appraise. This type of home can vary greatly in size, so that would account for part of the price.

A condo is considered a single-family home, even though it is part of a larger multi-family property. The appraisal price is between $300 and $500. It can be easier to appraise a condo due to the immediacy of comparable properties. 

FHA or VA Single-Family Home

A home that is financed by an FHA or a VA loan costs between $400 and $900. The increase in price is due to stricter guidelines for these loan programs, which require more work on the appraiser’s part to ensure that the property is in compliance. 

Multi-Family Home

A multi-family home appraisal can cost anywhere between $600 and $1,000, depending on the number of units. The appraiser will evaluate the building using a rental income approach because this has a major impact on its value to potential buyers. To assess the fair market value of the home, the appraiser will evaluate each unit for its potential annual income.

Apartment Building

It’s important to note that while an apartment building is residential in terms of its occupants, the property itself is considered commercial because of its income potential. Depending on the size and number of units, an apartment building appraisal starts at $1,500 and can rise up to $3,000 or more.

Home Appraisal Cost Breakdown

The following factors will impact the final cost of your home appraisal.

Size

A larger home with more rooms, levels, and overall square footage naturally takes longer for an appraiser to look at than a smaller home. The relatively higher cost to appraise a larger home is a reflection of the additional time and effort.

Cost of Living

Appraisal costs typically fluctuate depending on the local cost of living. For example, a home appraisal will cost more in a large, populated area than in a small, rural town.

Condition 

The current condition of the house will determine how easy or difficult it is for an appraiser to complete an evaluation. Appraisers must spend more time and effort to evaluate the value of a significantly damaged home in comparison to a home in good condition. 

Number of Comparables 

Comparable or comp homes are recently sold homes in the neighborhood that are similar to the one being appraised. Appraisals can be more straightforward when there are more immediate comparisons available, but fewer comps mean appraisers must take more time to research and evaluate the property value. 

What Does a Home Appraisal Include?

To determine the value of a home and verify its safety and livability, an appraiser evaluates the interior and exterior for its amenities, dimensions, condition, and potential safety hazards. After the appraiser walks through the property, they will review nearby comparable properties, known as comps, to decide the home’s appraised value.

Home appraisers look closely at the home’s interior features, such as the condition of the floors and walls, as well as the exterior features, like the types of windows and outdoor amenities. They also take into account recent renovations or home upgrades. Location is also important in the appraisal, and the nearby neighborhood and streets can increase or decrease the value of the property.

Home Appraisal vs. Home Inspection: What’s the Difference?

Home appraisals and home inspections carry some overlap, but they have a few key differences. A home appraisal informs a homeowner of the value of their home, so they can correctly set an asking price. A home appraisal is for the benefit of the bank or mortgage lender. Banks are unwilling to take on the risk of lending more money than a property is valued at as it could create issues later if the loan-holder defaults on the mortgage.

A home inspection is a thorough evaluation of a property to determine if there are any structural or system issues. Typically done at the request of the buyer, it enables an informed decision before finalizing the purchase of a home. Sellers may also hire a home inspector for a pre-listing home inspection to determine any repairs they wish to make before putting their home on the market. 

Why Do You Need a Home Appraisal?

Appraisals help determine whether the home's price is appropriate for its location, features, and condition. Nearly every property deal requires an appraisal before finalizing, which can include not only buying a new home but also refinancing your property. Mortgage lenders use appraisals to ensure that borrowers aren't buying a house for more than its appraised value.

If the buyer can't pay the mortgage and the home goes into foreclosure, the mortgage lender will sell the home to recoup their loan money. Essentially, the appraisal protects the bank from lending out more than the home is worth, allowing it to recoup costs in the event that the buyer can no longer afford the loan. 

How Long Does a Home Appraisal Take?

To complete the appraisal process, your appraiser will inspect the home, both inside and out, to evaluate its materials, features, fixtures, and renovations. The appraiser then reviews comparable properties to see how the home's value compares to similar homes in the neighborhood. Finally, they'll write an appraisal report of their findings. The entire process typically takes seven to 10 days, depending on the property, location, and the appraiser's schedule. 

Home Appraisal for Buyers

As a buyer, you want your prospective home to be appraised for as much as or more than the contract price. If the home's appraised value amounts to less than the contract price, it can hinder the deal because mortgage lenders won't give you a loan for more than the home is appraised for. That means you'd be responsible for the additional costs out of pocket. 

In comparison, a home appraisal that’s higher than the contract price is only good news for buyers. With respect to location, size, condition, and other relevant factors, a high appraisal means that you’re getting more value than the money you’re investing into the purchase.

Home Appraisal for Sellers

An accurate appraisal is key to selling your home. If you list your home for more than its appraised value, buyers won't be able to get a mortgage loan for the full selling price, and selling it can become more complicated.

The only way to avoid getting an appraisal is if the buyer offers an all-cash deal and doesn’t need to take a mortgage loan. All-cash offers aren't usually the norm, however, so it's risky to list your home based on getting one. If you list your home for more than its appraised value, even all-cash buyers may be likely to look elsewhere for a better deal. 

What to Do About a Low Home Appraisal

If the home you want to buy receives a low appraisal due to major defects, safety issues, or other things that hurt an appraisal, you still have some options. Both you and the seller likely want the deal to move forward, so you can often leverage a low appraisal to negotiate a lower price from the seller. If the seller refuses to lower the price, you can always ask for a second opinion from another appraiser. Appraisals are somewhat subjective, so two professionals might appraise a home for two different values. 

As a seller, if you feel your home's value is higher than your appraisal, you can always seek a second opinion. You can also make a case to your appraiser for why the home is worth more by highlighting any renovations or other investments you put into the property. If the appraisal still won't budge, your best bet for a successful deal is to lower your home's selling price.

How Angi Gets Its Cost Data

Home is the most important place on earth, which is why Angi has helped more than 150 million homeowners transform their houses into homes they adore. To help homeowners with their next project, Angi provides readers with the most accurate cost data and upholds strict editorial standards. We’ve surveyed thousands of real Angi customers about their project costs to develop the pricing data you see, so you can make the best decisions for you and your home. We pair this data with research from reputable sources, including the U.S. Bureau of Labor Statistics, academic journals, market studies, and interviews with industry experts—all to ensure our prices reflect real-world projects. 

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