Report: Florida, closing costs 2.32% of home price

Report: Florida, closing costs 2.32% of home price


In the US, closing costs, including taxes, are up 10.5% year over year, and about $7,000 to the median home price. In Florida, it’s a little higher: $8.5 thousand for the average home.

San Diego – In the first half of 2021, the average closing costs for a single-family US property were $6,837 including taxes (12.3% year-over-year increase), and $3,836 exclusive of taxes (10.5% increase over annual basis). Refinancing costs rose marginally to $2,398 — a 4.87% change from the reported 2020 average of $2,287, according to ClosingCorp, a provider of residential property closing data and technology.

Because ClosingCorp based its calculations on the median home price in the state or metropolitan area, the dollar amounts used in the comparisons can vary.

In Florida, the median home price used for a study in the first half of the year was $368,560. Accordingly, the total closing costs, including taxes, were $8,551. If taxes were rolled back, it would be $4,484. At 2.32% of the home’s purchase price, that puts the state in eighth place in total closing costs.

To calculate the closing cost, ClosingCorp included the lender’s property policy, owner’s property policy, valuation, settlement, registration fees, land surveys and transfer tax, based on CoreLogic data.

“To get a better overall picture of what is really happening in the marketplace, we analyzed data on more than 1.9 million single-family purchase transactions made through the ClosingCorp fee platform in the first half of this year,” says Dori Daganhardt, Chief Data Officer at ClosingCorp. “We report ‘market specific’ rates and fees, not just network averages charged by the most active settlement service providers in each geographic area.”

In the first half of 2021, rising housing prices drove up closing costs.

In June, for example, the national average hit a new high of $373,664; In July, leading home price indices posted their highest year-over-year gains,” says Bob Jennings, CEO of ClosingCorp.

Although total closing costs rose early this year, Jennings says the rate of that increase has slowed.

“Although the median home price increased by about $45,000, closing costs, excluding taxes, on that property increased by only $400,” he says. “In fact, closing costs are down as a percentage of purchase prices this year, dropping from 1.06% of the transaction in 2020 to 1.03%.”

Taxes included: Closing costs

Highest average: closing costs

  • District of Columbia ($30,352)
  • Delaware ($17,831)
  • New York ($17,582)
  • Washington ($13909)
  • Maryland ($12,056)

Lowest average closing costs

  • Missouri ($ 2,102)
  • Indiana ($2,193)
  • North Dakota ($2,321)
  • Kentucky ($2,355)
  • Wyoming ($2509)

No Taxes Included: Closing costs

Highest average closing costs

  • District of Columbia ($6,523)
  • New York ($6,300)
  • Hawaii ($5976)
  • California ($5,772)
  • Washington ($4,803)

Lowest average closing costs

  • Arkansas ($2071)
  • Missouri ($ 2,102)
  • Indiana ($2,193)
  • Nebraska ($2193)
  • Kentucky ($2193)

© 2021 Florida Realtors®

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