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The Google Real Estate Lead Value Index (LVI) increased 15% year-over-year in Q1 2024 (using data from CINC's portfolio of of real estate team and agent clients) due to continued increases in home sales prices and decreases in Google lead costs.
The 2024 first quarter Lead Value Index (LVI) was 16.4, up from 13.94 in the first quarter in 2023. This was also a 20% improvement quarter-over-quarter.
The median home price in the fourth quarter was $389,400 and the average Google lead cost on CINC was $6.03. The LVI means that $1 in real estate lead generation leads to more than $16.10 in commissions.
Despite continued interest rate and legal uncertainty in the real estate market, the ROI of online real estate advertising for real estate teams and agents continues to be exceptionally strong (for more details on related trends, see our recent Google buyer lead cost report and the seller lead cost report).
Using CINC's Q1 2024 Google Real Estate Buyer Cost Per Lead Report, Q1 2024 Median Home Price data from NAR, the average commission, and a conservative estimate of the percent of leads that close (based on a sample of CINC real estate client data), CINC generates the Google Real Estate Lead Value Index reading each quarter.
The Lead Value Index approximates the commissions that can be expected from a dollar in Google real estate advertising. [The formula is (the median home sales price times the average commission percentage times the average percent of leads that close) all divided by the total Google buyer CPL.]
El Paso (TX), Worcester (MA), Oxnard (CA), and Louisville (KY) all saw the largest lead value index gains year-over-year in Q1, all seeing gains of over 60%.
Honolulu usually is the market with the highest LVI and was again with an LVI of 56.7. Honolulu was trailed by a couple of California cities - San Jose and Oxnard.
California was also well represented just looking at the big markets. San Francisco, San Diego and Los Angeles were all in the top 4, joining Boston.
CINC is the leader in online real estate lead generation with more than 50,000 clients. This behind-the-scenes lead cost data is what we were seeing for our portfolio of real estate team and agent clients during Q1 2024. The CINC client marketing team manages almost $30 million in search and social advertising spend annually for real estate teams and agents across the United States and Canada. If you want to see how CINC can help you find more higher quality hyperlocal real estate leads on Google, request a demo here.
Markets with Largest Percentage Gains in Google Real Estate Lead Value Index (LVI) Readings
US markets with the largest percentage gains in CINC's Google Real Estate Lead Value Index readings in Q1 2024.
El Paso, Texas saw the largest increase in lead value quarter-over-quarter, growing over 129%.
Pictured Above: El Paso (TX), ranked #1 in Markets with Largest Percentage Gains in Google Real Estate Lead Value Index (LVI) Readings.
| Market Size Rank | Market | Google Real Estate Buyer Cost Per Lead | NAR Median Home Price (dollars in thousands) | Google Real Estate Lead Value Index (LVI) | LVI % Change Quarter-Over Quarter |
| 1 | El Paso, TX | $3.29 | $257.70 | 19.60 | 129.2% |
| 2 | Worcester, MA-CT | $4.16 | $430.90 | 25.90 | 73.0% |
| 3 | Oxnard-Thousand Oaks-Ventura, CA | $4.66 | $908.70 | 48.80 | 65.5% |
| 4 | Louisville/Jefferson County, KY-IN | $3.74 | $262.00 | 17.50 | 64.9% |
| 5 | San Jose-Sunnyvale-Santa Clara, CA | $8.32 | $1,840.00 | 55.30 | 52.4% |
Lower Home Price Markets with Highest Percentage Gains in Google Real Estate Lead Value Index (LVI) Readings
US markets with median home prices less than 75% of NAR's median home price with highest percentage gains in CINC's Google Real Estate Lead Value Index readings in Q1 2024.
With El Paso at #1 spot, Louisville (KY) saw the second largest percentage increase in the lead value index readings year-over-year for lowest cost markets, growing over 65% year-over-year.
Pictured Above: Louisville (KY) [home of Churchill Downs and the Kentucky Derby], ranked #2 in Lower Home Price Markets with Highest Percentage Gains in Google Real Estate Lead Value Index (LVI) Readings.
Dayton (OH) rounded out the Top 3, seeing a nearly 40% increase in the lead value index (LVI) reading year-over-year.
| Market Size Rank | Market | Google Real Estate Buyer Cost Per Lead | NAR Median Home Price (dollars in thousands) | Google Real Estate Lead Value Index (LVI) | LVI % Change Year- Over- Year |
| 1 | El Paso, TX | $3.29 | $257.70 | 19.60 | 129.2% |
| 2 | Louisville/Jefferson County, KY-IN | $3.74 | $262.00 | 17.50 | 64.9% |
| 3 | Dayton, OH | $3.39 | $268.40 | 19.80 | 40.8% |
| 4 | Columbia, SC | $4.09 | $283.80 | 17.30 | 33.3% |
| 5 | North Port-Sarasota-Bradenton, FL | $6.23 | $185.70 | 7.50 | 31.1% |
Moderate Home Price Markets with Highest Percentage Gains in Google Real Estate Lead Value Index (LVI) Readings
US markets with median home prices within 25% of NAR's median home price with highest percentage gains in CINC's Google Real Estate Lead Value Index readings in Q1 2024.
Worcester, MA again saw the largest percentage increase in the lead value index readings year-over-year for moderate cost markets, growing over 73% year-over-year.
Pictured Above: Syracuse (NY) [home of Syracuse University], ranked #2 in Moderate Home Price Markets with Highest Percentage Gains in Google Real Estate Lead Value Index (LVI) Readings.
Other Northeastern markets Syracuse (NY), Providence (RI), Hartford (CT), and Philadelphia (PA) rounded out the Top 5 in the highest percentage gains in LVI readings for moderate price markets.
| Market Size Rank | Market | Google Real Estate Buyer Cost Per Lead | NAR Median Home Price (dollars in thousands) | Google Real Estate Lead Value Index (LVI) | LVI % Change Year- Over- Year |
| 1 | Worcester, MA-CT | $4.16 | $430.90 | 25.90 | 73.0% |
| 2 | Syracuse, NY | $7.21 | $471.50 | 16.40 | 48.4% |
| 3 | Providence-Warwick, RI-MA | $5.49 | $470.70 | 21.40 | 32.8% |
| 4 | Hartford-West Hartford-East Hartford, CT | $4.58 | $350.40 | 19.10 | 32.5% |
| 5 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $5.31 | $342.50 | 16.10 | 23.8% |
Higher Home Price Markets with Highest Percentage Gains in Google Real Estate Lead Value Index (LVI) Readings
US markets with median home prices greater than 125% of NAR's median home price with highest percentage gains in CINC's Google Real Estate Lead Value Index readings in Q1 2024.
Pictured Above: Oxnard (CA), ranked #1 in Higher Home Price Markets with Highest Percentage Gains in Google Real Estate Lead Value Index (LVI) Readings.
California had the top 3 highest percentage gains in higher home price markets with Oxnard, San Jose, and San Francisco seeing LVI increases of over 35% year-over-year in Q1 .
| Market Size Rank | Market | Google Real Estate Buyer Cost Per Lead | NAR Median Home Price (dollars in thousands) | Google Real Estate Lead Value Index (LVI) | LVI % Change Year- Over- Year |
| 1 | Oxnard-Thousand Oaks-Ventura, CA | $4.66 | $908.70 | 48.80 | 65.5% |
| 2 | San Jose-Sunnyvale-Santa Clara, CA | $8.32 | $1,840.00 | 55.30 | 52.4% |
| 3 | San Francisco-Oakland-Hayward, CA | $9.12 | $1,300.00 | 35.60 | 35.2% |
| 4 | Toledo, OH | $8.39 | $507.40 | 15.10 | 33.4% |
| 5 | Bridgeport-Stamford-Norwalk, CT | $5.78 | $658.10 | 28.40 | 33.2% |
Google Real Estate Lead Value Index Readings for Top 100 Markets
Google Real Estate Lead Value Index readings for Top 100 Markets in Q1 2024.
| Market Size Rank | Market | Google Real Estate Buyer Cost Per Lead | NAR Median Home Price (dollars in thousands) | Google Real Estate Lead Value Index (LVI) | LVI % Change Year- Over- Year |
| 1 | New York-Newark-Jersey City, NY-NJ-PA | $7.03 | $659.20 | 23.50 | 19.6% |
| 2 | Los Angeles-Long Beach-Anaheim, CA | $8.29 | $823.00 | 24.80 | 30.2% |
| 3 | Chicago-Naperville-Elgin, IL-IN-WI | $5.53 | $349.30 | 15.80 | 4.9% |
| 4 | Dallas-Fort Worth-Arlington, TX | $5.96 | $377.70 | 15.90 | 17.0% |
| 5 | Houston-The Woodlands-Sugar Land, TX | $5.02 | $334.10 | 16.60 | 11.0% |
| 6 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $5.31 | $342.50 | 16.10 | 23.8% |
| 7 | Washington-Arlington-Alexandria, DC-VA-MD-WV | $6.86 | $600.20 | 21.90 | 21.5% |
| 8 | Miami-Fort Lauderdale-West Palm Beach, FL | $6.57 | $625.00 | 23.80 | 4.2% |
| 9 | Atlanta-Sandy Springs-Roswell, GA | $5.31 | $369.20 | 17.40 | 13.2% |
| 10 | Boston-Cambridge-Newton, MA-NH | $6.59 | $704.70 | 26.70 | 11.5% |
| 11 | San Francisco-Oakland-Hayward, CA | $9.12 | $1,300.00 | 35.60 | 35.2% |
| 12 | Riverside-San Bernardino-Ontario, CA | $7.04 | $579.90 | 20.60 | 17.5% |
| 13 | Phoenix-Mesa-Scottsdale, AZ | $8.25 | $470.50 | 14.30 | 10.0% |
| 14 | Detroit-Warren-Dearborn, MI | $5.91 | $240.00 | 10.10 | 27.7% |
| 15 | Seattle-Tacoma-Bellevue, WA | $9.64 | $755.30 | 19.60 | 23.0% |
| 16 | Minneapolis-St. Paul-Bloomington, MN-WI | $8.36 | $373.50 | 11.20 | 9.3% |
| 17 | San Diego-Carlsbad, CA | $7.94 | $981.00 | 30.90 | 33.0% |
| 18 | Tampa-St. Petersburg-Clearwater, FL | $5.86 | $405.20 | 17.30 | -0.5% |
| 19 | St. Louis, MO-IL | $5.00 | $241.10 | 12.10 | -4.6% |
| 20 | Baltimore-Columbia-Towson, MD | $5.94 | $385.00 | 16.20 | 9.4% |
| 21 | Denver-Aurora-Lakewood, CO | $10.59 | $651.00 | 15.40 | -9.5% |
| 22 | Pittsburgh, PA | $5.29 | $207.10 | 9.80 | 5.3% |
| 23 | Charlotte-Concord-Gastonia, NC-SC | $6.04 | $398.30 | 16.50 | -0.2% |
| 24 | Portland-Vancouver-Hillsboro, OR-WA | $8.15 | $574.00 | 17.60 | 12.2% |
| 25 | San Antonio-New Braunfels, TX | $6.06 | $305.80 | 12.60 | -23.7% |
| 26 | Orlando-Kissimmee-Sanford, FL | $5.15 | $435.00 | 21.10 | 11.8% |
| 27 | Sacramento--Roseville--Arden-Arcade, CA | $7.74 | $533.90 | 17.20 | 22.5% |
| 28 | Cincinnati, OH-KY-IN | $4.67 | $280.60 | 15.00 | 29.2% |
| 29 | Cleveland-Elyria, OH | $6.41 | $191.90 | 7.50 | 11.4% |
| 30 | Kansas City, MO-KS | $5.30 | $308.60 | 14.60 | 10.9% |
| 31 | Las Vegas-Henderson-Paradise, NV | $8.68 | $465.40 | 13.40 | 10.9% |
| 32 | Columbus, OH | $6.22 | $306.60 | 12.30 | -17.4% |
| 33 | Indianapolis-Carmel-Anderson, IN | $4.73 | $300.10 | 15.80 | 7.0% |
| 34 | San Jose-Sunnyvale-Santa Clara, CA | $8.32 | $1,840.00 | 55.30 | 52.4% |
| 35 | Austin-Round Rock, TX | $6.97 | $466.70 | 16.70 | 16.5% |
| 36 | Nashville-Davidson--Murfreesboro--Franklin, TN | $7.51 | $404.30 | 13.50 | 5.6% |
| 37 | Virginia Beach-Norfolk-Newport News, VA-NC | $6.86 | $336.50 | 12.30 | 2.6% |
| 38 | Providence-Warwick, RI-MA | $5.49 | $470.70 | 21.40 | 32.8% |
| 39 | Milwaukee-Waukesha-West Allis, WI | $5.58 | $354.00 | 15.90 | 11.8% |
| 40 | Jacksonville, FL | $5.45 | $390.00 | 17.90 | 13.4% |
| 41 | Memphis, TN-MS-AR | $4.04 | $272.40 | 16.80 | 21.0% |
| 42 | Oklahoma City, OK | $6.11 | $251.00 | 10.30 | 3.0% |
| 43 | Louisville/Jefferson County, KY-IN | $3.74 | $262.00 | 17.50 | 64.9% |
| 44 | Richmond, VA | $6.81 | $425.00 | 15.60 | 3.5% |
| 45 | New Orleans-Metairie, LA | $2.54 | $277.70 | 27.40 | 25.7% |
| 46 | Hartford-West Hartford-East Hartford, CT | $4.58 | $350.40 | 19.10 | 32.5% |
| 47 | Raleigh, NC | $7.71 | $439.80 | 14.30 | -1.3% |
| 48 | Birmingham-Hoover, AL | $4.28 | $295.00 | 17.20 | 13.7% |
| 49 | Buffalo-Cheektowaga-Niagara Falls, NY | $4.02 | $229.70 | 14.30 | 3.3% |
| 50 | Salt Lake City, UT | $8.55 | $551.20 | 16.10 | 25.9% |
| 51 | Rochester, NY | $3.23 | $212.40 | 16.50 | 5.7% |
| 52 | Grand Rapids-Wyoming, MI | $6.92 | $325.40 | 11.80 | 14.9% |
| 53 | Tucson, AZ | $7.42 | $389.70 | 13.10 | 16.8% |
| 54 | Urban Honolulu, HI | $4.79 | $1,085.80 | 56.70 | 10.4% |
| 55 | Tulsa, OK | $4.09 | $250.00 | 15.30 | -9.3% |
| 56 | Fresno, CA | $4.65 | $410.00 | 22.10 | 11.1% |
| 57 | Bridgeport-Stamford-Norwalk, CT | $5.78 | $658.10 | 28.40 | 33.2% |
| 58 | Worcester, MA-CT | $4.16 | $430.90 | 25.90 | 73.0% |
| 59 | Albuquerque, NM | $6.53 | $341.80 | 13.10 | 20.8% |
| 60 | Omaha-Council Bluffs, NE-IA | $4.38 | $286.10 | 16.30 | 8.1% |
| 61 | Albany-Schenectady-Troy, NY | $4.23 | $281.40 | 16.60 | 3.9% |
| 62 | New Haven-Milford, CT | $5.95 | $364.90 | 15.30 | 13.8% |
| 63 | Bakersfield, CA | $6.14 | $370.30 | 15.10 | 20.2% |
| 64 | Knoxville, TN | $5.73 | $351.20 | 15.30 | 9.0% |
| 65 | Greenville-Anderson-Mauldin, SC | $4.76 | $326.90 | 17.20 | 13.5% |
| 66 | Oxnard-Thousand Oaks-Ventura, CA | $4.66 | $908.70 | 48.80 | 65.5% |
| 67 | El Paso, TX | $3.29 | $257.70 | 19.60 | 129.2% |
| 68 | Allentown-Bethlehem-Easton, PA-NJ | $4.62 | $321.80 | 17.40 | 17.7% |
| 69 | Baton Rouge, LA | $3.69 | $260.00 | 17.60 | 22.0% |
| 70 | McAllen-Edinburg-Mission, TX | $5.67 | $237.50 | 10.50 | 6.5% |
| 71 | Dayton, OH | $3.39 | $268.40 | 19.80 | 40.8% |
| 72 | Columbia, SC | $4.09 | $283.80 | 17.30 | 33.3% |
| 73 | Greensboro-High Point, NC | $6.89 | $510.00 | 18.50 | -0.6% |
| 74 | North Port-Sarasota-Bradenton, FL | $6.23 | $185.70 | 7.50 | 31.1% |
| 75 | Little Rock-North Little Rock-Conway, AR | $8.56 | $421.40 | 12.30 | 10.9% |
| 76 | Stockton-Lodi, CA | $8.50 | $448.80 | 13.20 | 13.9% |
| 77 | Akron, OH | $3.30 | $198.80 | 15.00 | 27.8% |
| 78 | Charleston-North Charleston, SC | $4.37 | $295.80 | 16.90 | 6.8% |
| 79 | Colorado Springs, CO | $6.78 | $415.00 | 15.30 | -7.4% |
| 80 | Syracuse, NY | $7.21 | $471.50 | 16.40 | 48.4% |
| 81 | Winston-Salem, NC | $4.81 | $219.90 | 11.40 | -53.4% |
| 82 | Cape Coral-Fort Myers, FL | $6.38 | $445.30 | 17.40 | -1.8% |
| 83 | Boise City, ID | $3.76 | $333.30 | 22.20 | 5.1% |
| 84 | Wichita, KS | $7.74 | $482.10 | 15.60 | 7.3% |
| 85 | Springfield, MA | $5.90 | $360.00 | 15.30 | 18.5% |
| 86 | Madison, WI | $7.92 | $288.00 | 9.10 | 27.1% |
| 87 | Lakeland-Winter Haven, FL | $3.45 | $219.10 | 15.90 | 1.9% |
| 88 | Ogden-Clearfield, UT | $5.81 | $252.40 | 10.90 | 26.5% |
| 89 | Toledo, OH | $8.39 | $507.40 | 15.10 | 33.4% |
| 90 | Deltona-Daytona Beach-Ormond Beach, FL | $6.53 | $370.00 | 14.20 | -9.3% |
| 91 | Des Moines-West Des Moines, IA | $5.38 | $302.30 | 14.10 | -0.3% |
| 92 | Jackson, MS | $9.69 | $405.40 | 10.50 | 20.7% |
| 93 | Augusta-Richmond County, GA-SC | $4.33 | NA | NA | #VALUE! |
| 94 | Scranton–Wilkes-Barre–Hazleton, PA | NA | NA | NA | #VALUE! |
| 95 | Youngstown-Warren-Boardman, OH-PA | NA | $133.60 | NA | #VALUE! |
| 96 | Harrisburg-Carlisle, PA | $6.68 | $230.60 | 8.6 | 7.7% |
| 97 | Provo-Orem, UT | $10.87 | $492.60 | 11.3 | #VALUE! |
| 98 | Palm Bay-Melbourne-Titusville, FL | $5.59 | $350.00 | 15.7 | 19.5% |
| 99 | Chattanooga, TN-GA | $4.98 | $281.80 | 14.1 | -20% |
| 100 | Spokane-Spokane Valley, WA | $11.01 | $383.40 | 8.7 | -33% |
Additional Google Real Estate Lead Gen Resources from CINC:
With buyer cost per lead up recently, it is more important than ever to be more efficient paying for leads on Google. Try our free local Google real estate targeting tool here to find hidden pockets of more cost effective hyper-local leads near you.
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Watch our recent on-demand real estate lead gen webinar here where we discuss new trends for real estate teams and agents on Google Ads, including a deep dive on Google Local Service Ads (LSA's) for realtors.
Here are links to past historic Google Real Estate Lead Value Index Reports for Q4 2023, Q3 2024, Q2 2023, Q1 2023, Q4 2022, Q3 2022, Q2 2022, Q1 2022, Q4 2021.