Locksmith Price Survey Breakdown: What You Should Know for 2024

Pricing your locksmith services competitively while maintaining profitability is crucial for your business. The 2024 National Locksmith Price Survey, compiled by Locksmith Ledger, offers detailed insights into current pricing trends across various services, helping locksmiths assess and adjust their rates.

Key Points:

• Locksmith pricing 2024
• National locksmith price survey
• How much should a locksmith charge
• Locksmith labor rates
• Locksmith key duplication costs
• Locksmith safe services pricing

Here’s a comprehensive breakdown:

General Locksmith Pricing

• Service Call: $93 (average)
• Labor Charges:
  • Regular hours: $104/hour
  • After-hours: $151/hour

Labor rates are essential in locksmithing, especially when customers rely on your expertise for critical services. The average service call, priced at $93, gives a good baseline. Regular labor rates hover at $104, and after-hours labor at $151—making sure you factor in time spent, travel, and urgency is essential for profitability.

Key Duplication Services

• Single-sided key: $4.45
• Double-sided key: $7
• High-security key: $21
• Key from broken sample: $18

Duplication services are a big part of locksmith businesses, but don't undercut yourself. While automated kiosks at big-box stores may charge less, locksmiths can offer higher quality and precision, especially for high-security keys or broken sample duplicates.

Rekeying Services

• Knob cylinder rekey: $27
• Mortise cylinder rekey: $25
• Master key system setup: $31
• High-security cylinder rekey: $45

For residential and commercial rekeying, prices range from $25 to $45, depending on the type of lock. Master key system setup, an in-demand service for large properties, averages at $31. If you're doing a high-security rekey, like Medeco or ASSA, the pricing reflects the complexity and parts involved.

Automotive Locksmith Services

• Fit Standard Key: $88
• Fit Transponder Key: $127
• Fit Sidewinder Key: $175
• Fit Motorcycle Key: $130
• All Keys Lost (Transponder): $221
• Rekey Ignition: $210

Automotive locksmithing has grown in complexity with advances in vehicle security. Services like fitting transponder and sidewinder keys are essential, with prices ranging from $127 to $175. The "All Keys Lost" service, often one of the most stressful jobs, averages $221. With these in-demand services, make sure your pricing reflects the technical expertise involved.

Electronic Lock Services

• Install electronic strike: $184
• Install exit alarm: $195
• Program electronic lock: $123
• Install Wireless Electric Lock: $224
• Upgrade to touchless actuator: $287

With the rise in electronic locks, including smart locks and access control systems, locksmiths must stay ahead of the curve. Installation and programming of these locks are priced accordingly due to the technical expertise required. Wireless locks, priced at $224, are gaining popularity, especially for commercial spaces. Meanwhile, upgrading systems to touchless actuators, which became more in demand post-pandemic, fetches an average of $287.

Safe Services

• Open safe by drilling: $414
• Open safe by manipulation: $318
• Safe combo change: $130
• Convert to electronic lock: $424
• Safe moving: $250-$500

Safe work is another high-value area of locksmithing, with prices reflecting the skill required. Opening a safe by drilling averages $414, while manipulation costs slightly less at $318. Converting mechanical locks to electronic ones is increasingly popular, priced at $424. Moving a safe, especially larger models, can range anywhere from $250 to $500, depending on size and complexity.

Key Insights for Locksmiths:

• Compare Rates: Regularly check your rates against national averages to stay competitive.
• Optimize Profits: Specialize in high-demand services like automotive key programming, safe servicing, and electronic lock installations.
• Price for Expertise: Customers are willing to pay more for complex services, so don’t undersell your expertise in areas like high-security key cutting or ignition rekeying.

By adjusting your prices in line with national averages and accounting for your local market conditions, you can ensure that your locksmith business remains competitive and profitable throughout 2024.

For a more detailed look at these trends, visit the full report on Locksmith Ledger’s 2024 National Average Price Survey.