Like Minho said. The impact likely damaged the screen as well. New screens are not cheap however $700 is way to expensive to fix the phone. Some repair shops are charging closer to $400 so do some looking around and see if you can get a better price. Unfortunately due to how new the phone is, parts are still expensive and you have to think, repair shops will also charge for labor as well.
The repair is quite simple as only one component need to be transferred to the new screen however if you damage the part in any way, Face ID will no longer work. If you don’t feel confident with doing the repair yourself then take it to a repair shop. I would just make sure to check what there policy is if they damage the phone.
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