The Florida Realtors Association has recently analyzed and reported the average closing costs for real estate transactions as they stand around the nation. For the first six months of 2021, average closing costs, not including taxes, in America were up more than 10% over the same timeframe in 2020, bringing the average national closing costs not including taxes to $3,836. The national average closing costs including taxes went up even more to a 12.3% increase, which brings that national average to $6,837. These numbers were based on a national average home cost of $373,664 - a record high. The closing costs that were factored in included the title policies of both the owner and the lender, appraisal, settlement costs, land survey, transfer taxes, and recording fees.
Not surprisingly, Florida ranks towards the top of the list, coming in at number 8 of the states with the highest closing costs in the country. The average home cost for the first six months of 2021 in the state of Florida was $368,560. Using this state-wide average, it was calculated that the average closing costs in Florida, including taxes, is $8,551 - more than $1,700 higher than the national average. In Florida, closing costs typically amount to 2.32% of the home’s purchase price.
According to the report, the highest closing costs in the country are found in the District of Columbia, where closing costs average a whopping $30,352, followed by Delaware and New York with closing costs around $17,000. The lowest closing costs in the country can be found in Missouri, followed closely by Indiana, North Dakota, Kentucky and Wyoming. All of these states have closing costs under $2,500.
The calculation of closing costs is something many buyers forget to factor into their search when looking at Florida Keys MLS listings to determine what they can afford. It is important to understand that these costs are due at the time of closing. If you need help in your search for a house in the Florida Keys for sale, let us help! We can help you understand exactly what you can expect all throughout your buying process - including what you can expect your closing costs to be!