SAN DIEGO – In the first half of 2021, average closing costs for buying a single-family U.S. property were $6,837 including taxes (up 12.3% year-to-year), and $3,836 excluding taxes (up 10.5% year-to-year). Refinancing costs increased marginally to $2,398 – a 4.87% change from the reported 2020 average of $2,287, according to ClosingCorp, a provider of residential real estate closing cost data and technology.

Since ClosingCorp based its calculations on a state or metro area’s average home price, the dollar amounts used for comparisons can vary.

In Florida, the average home price used for the study for the first half of the year was $368,560. Based on that, total closing costs, including taxes, were $8,551. If taxes are backed out, it’s $4,484. At 2.32% of the home’s purchase price, that puts the state at No. 8 in total closing costs.

For the closing-cost calculation, ClosingCorp included the lender’s title policy, owner’s title policy, appraisal, settlement, recording fees, land surveys and transfer tax, based on CoreLogic data.

“To get a better overall picture of what is actually going on in a market, we analyzed data on more than 1.9 million single-family purchase transactions that ran through our ClosingCorp Fees platform in the first half of this year,” says Dori Daganhardt, chief data officer of ClosingCorp. “We are reporting ‘market-specific’ rates and fees, not just network averages charged by the most active settlement services providers in each geographic area.”

In the first half of 2021, higher home prices led to higher closing costs.

“In June, for example, the average national price hit a new high of $373,664; and in July, leading home price indices registered their highest ever year-over-year gains,” says Bob Jennings, chief executive officer of ClosingCorp.

Even though total closing costs rose early this year, however, Jennings says that rate of that increase slowed.

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

Taxes included: Closing costs

Highest average: Closing costs

• District of Columbia ($30,352)
• Delaware ($17,831)
• New York ($17,582)
• Washington ($13,909)
• Maryland ($12,056)

Lowest average closing costs

• Missouri ($2,102)
• Indiana ($2,193)
• North Dakota ($2,321)
• Kentucky ($2,355)
• Wyoming ($2,509)

Without taxes included: Closing costs

Highest average closing costs

• District of Columbia ($6,523)
• New York ($6,300)
• Hawaii ($5,976)
• California ($5,772)
• Washington ($4,803)

Lowest average closing costs

• Arkansas ($2,071)
• Missouri ($2,102)
• Indiana ($2,193)
• Nebraska ($2,193)
• Kentucky ($2,193)

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