Why are closing costs so high in Delaware?

Did you know homebuyers in all but 13 states must factor in “real estate transfer taxes” in their closing costs? While homebuyers in states like Alaska, Idaho, and Indiana are off the hook for this expense, Delaware residents need to cough up cash for this tax that's paid to local and state governments.



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Usually, the buyers are responsible for paying most of the settlement costs in Delaware. Delaware real estate closing costs for buyer can amount to 2%-5% of the final sale price of the home or the mortgage amount. Buyers can negotiate certain closing costs with the seller and the mortgage lenders in Delaware.

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The wealthiest rich neighborhoods in Delaware include Bethany Beach, where the average home cost is $848,800, Rehoboth Beach, where the average home cost is $758,900, Lewes, where the average home is $470,600, and Selbyville, where the average home is $402,500.

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#1: Dover. With a median home sale price of $280,000, Dover comes in at number one on our list of most affordable places to live in Delaware. Dover is home to roughly 39,400 residents and is the second biggest city in the state.

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