Real Estate Lead Value Index Report for Google | Q2 2026 Update

Cost per lead tells you what you paid. The Lead Value Index tells you what you got for it.

CINC developed the Lead Value Index to give agents and brokers a clearer picture of advertising ROI. Rather than looking at CPL in isolation, the LVI factors in the median home sale price (NAR), average commission percentage, and the average rate at which leads close. The result is a single number that approximates how many dollars in commissions can be expected for every dollar invested in Google Buyer advertising. A higher LVI indicates that real estate leads are a better value. The formula is: 

LVI = (the median home sales price ✖️ the average commission percentage ✖️ the average percent of leads that close) ➗  the total Google buyer CPL.]

The CINC Lead Value Index fell slightly in Q2 2026 compared to Q1. The reason is straightforward: buyer CPL rose with seasonal demand, and the increase in median home prices was not large enough to offset it. When CPL climbs faster than home values, the index dips. This is the expected Q2 pattern, and it mirrors what we saw in prior years.

The national LVI came in at 13.6 in Q2 2026, based on a median home price of $434,900 and a Google Buyer CPL of $8.01. For every dollar invested in Google Buyer ads, the LVI projects approximately $13.60 in gross commissions. The formula accounts for median home sale price, average commission percentage, and the average rate at which leads close.

At the top of the rankings, very little changed from Q1. San Francisco held the number one big market spot for the second consecutive quarter. Boston, New York, and San Diego followed. Among all markets, Oxnard, CA retained the top position it earned in Q1, with Bangor, ME and Pittsfield, MA rounding out the top three. The consistency at the top reflects the durability of high home values as a driver of LVI performance: markets with strong median prices absorb CPL increases better than markets where home values are more modest.

How to Read the LVI: An LVI of 20 means $1 in Google Buyer ad spend yields approximately $20 in gross commissions. Higher home prices and lower CPL both push the LVI up. A falling LVI does not mean a market has become a bad investment, it means the margin between cost and return has narrowed. Markets with strong fundamentals still produce solid returns even when the index dips seasonally. 

Top 10 Lead Value Index Markets (All Markets, Q2 2026)

Oxnard-Thousand Oaks-Ventura, CA leads all markets for the second consecutive quarter with an LVI of 44.7, driven by a $961,800 median home price and a $5.40 CPL. Bangor, ME made a dramatic move to second place at 41.9. Pittsfield, MA holds third at 38.5. San Francisco appears in the top 10 both here and in the big market rankings.

Note: LVI scores above 20 represent exceptional ad spend efficiency. These markets typically combine high median home values with relatively manageable CPL, the two variables that most directly drive the index.

Top 10 Lead Value Index Big Markets (Q2 2026)

San Francisco leads big markets for the second quarter in a row with an LVI of 32.0, anchored by a $1,500,000 median home price. Boston moved up to second at 23.2, edging out New York at 21.5. San Diego and Seattle round out the top five. Chicago entered the top 10 this quarter at ninth with an LVI of 14.2.

Full Top 100 Markets: Q2 2026 Lead Value Index

Find your market. The tables below show CPL, median home price, and LVI for each of the top 100 U.S. markets by population. A few things worth noting before you scan:

• Providence, RI (rank 38) posts an LVI of 21.6, one of the highest scores of any market outside the top 25 by population, driven by a $580,900 median home price and a $6.71 CPL.
• Oxnard-Ventura (rank 66) again posts the highest LVI in the full top 100 at 44.7, despite not ranking in the top 25 by population.
• Spokane (rank 100) posts the lowest LVI in the full list at 6.8, where a $16.50 CPL significantly limits return on ad spend relative to the market's home values.
• Oklahoma City (rank 42) at 7.5 and Virginia Beach (rank 37) at 8.3 also sit near the bottom, where CPL has risen faster than local home values can absorb.

Markets Ranked 1-25

San Francisco (32.0) leads this group by a wide margin. Boston (23.2), New York (21.5), and San Diego (20.8) are the other markets exceeding an LVI of 20. At the bottom of the group, Detroit (8.6), Phoenix (9.7), and San Antonio (10.1) post the lowest scores.

Lead Value Index: New York, NY (Q2 2026)

New York-Newark-Jersey City posts an LVI of 21.5 on a $9.32 CPL, supported by an $802,400 median home price. New York is one of three markets in the top 25 to exceed an LVI of 20, and its high transaction values continue to justify Google Buyer investment even as CPL climbs seasonally.

Lead Value Index: Los Angeles, CA (Q2 2026)

Los Angeles-Long Beach-Anaheim comes in at 16.3, seventh among big markets, on a $13.48 CPL and a $879,900 median home price. LA's CPL is among the highest in the top 25, but the market's extraordinary home values keep the projected return well above the national benchmark.

Lead Value Index: Chicago, IL (Q2 2026)

Chicago-Naperville-Elgin posts an LVI of 14.2, ninth among big markets, on a $7.72 CPL and a $438,600 median home price. Chicago is one of the most cost-efficient large markets in the country for Google Buyer campaigns, with returns meaningfully above the national LVI of 13.6.

Lead Value Index: Philadelphia, PA (Q2 2026)

Philadelphia-Camden-Wilmington comes in at 13.2 on a $7.95 CPL and a $419,800 median home price. Philadelphia sits right at the national benchmark, and its low CPL relative to other Northeastern markets makes it a predictable environment for agents managing Google Buyer budgets.

Lead Value Index: Washington, DC (Q2 2026)

Washington-Arlington-Alexandria posts an LVI of 15.2, eighth among big markets, anchored by a $688,200 median home price. Despite an $11.28 CPL, the DC metro's strong home values keep the index above the national average. DC also appears in the big market top 10 for the first time this quarter.

Lead Value Index: Miami, FL (Q2 2026)

Miami-Fort Lauderdale-West Palm Beach delivers an LVI of 17.4, sixth among big markets, on a $659,000 median home price. Miami's consistent out-of-state buyer demand keeps home values elevated, which translates directly into above-average LVI performance quarter over quarter.

Lead Value Index: Boston, MA (Q2 2026)

Boston-Cambridge-Newton posts the second-highest LVI among big markets at 23.2, driven by an $844,600 median home price and a $9.10 CPL. Boston moved up one spot from Q1 and remains one of the most compelling large-market cases for Google Buyer investment.

Lead Value Index: San Francisco, CA (Q2 2026)

San Francisco-Oakland-Hayward leads all big markets for the second consecutive quarter with an LVI of 32.0. The $1,500,000 median home price is the primary driver. Even with an $11.71 CPL, every dollar in ad spend projects to generate over $32 in gross commissions. San Francisco is the clearest example in the portfolio of how high home values can sustain strong ROI even in a rising-CPL environment.

Lead Value Index: San Diego, CA (Q2 2026)

San Diego-Carlsbad posts an LVI of 20.8, fourth among big markets, driven by a $1,075,000 median home price. San Diego is one of only four markets in the top 25 to exceed an LVI of 20, and it has held that position consistently across the past several quarters.

Lead Value Index: Seattle, WA (Q2 2026)

Seattle-Tacoma-Bellevue delivers an LVI of 17.9, fifth among big markets, on an $815,000 median home price. Seattle's CPL held flat from Q1 to Q2, an unusual result in a seasonally rising quarter, and the combination of stable cost and high home values produced one of the stronger LVI results in the Pacific Northwest.

Lead Value Index: Denver, CO (Q2 2026)

Denver-Aurora-Lakewood posts an LVI of 12.4 on a $13.46 CPL and a $668,300 median home price. Denver's index sits just below the national average despite strong home values, because its CPL is among the highest in the top 25. Teams here need solid conversion rates to make the math work.

Lead Value Index: Charlotte, NC (Q2 2026)

Charlotte-Concord-Gastonia comes in at 13.2 on an $8.22 CPL and a $434,000 median home price, just below the national average. Charlotte's CPL rose 28% in Q2, the largest increase of any top-25 market, which pushed the LVI down slightly. The market still offers above-average value for agents who can keep conversion rates healthy.

Markets Ranked 26-50

Providence (rank 38) is the standout in this group with an LVI of 21.6, the highest of any market ranked 26-50. San Jose (rank 34) follows at 26.4, driven almost entirely by its $2,050,000 median home price. Virginia Beach (rank 37) at 8.3 and Oklahoma City (rank 42) at 7.5 post the lowest LVIs in this group.

Lead Value Index: San Jose, CA (Q2 2026)

San Jose-Sunnyvale-Santa Clara posts an LVI of 26.4, the highest of any market ranked 26-50. The $2,050,000 median home price is the highest in the full top 100 by a significant margin. Even with a $19.39 CPL, the projected return on ad spend is exceptional. The South Bay requires strong conversion discipline to make the economics work, but the upside is unmatched.

Lead Value Index: Providence, RI (Q2 2026)

Providence-Warwick posts an LVI of 21.6, the highest of any market in the 26-50 group by population rank, and one of the strongest scores of any market outside the top 25. A $580,900 median home price and a $6.71 CPL create a favorable combination. Providence continues to outperform its market size in LVI terms.

Lead Value Index: Orlando, FL (Q2 2026)

Orlando-Kissimmee-Sanford delivers an LVI of 16.2, well above the national average, on a $450,000 median home price and a $6.96 CPL that rose just 2% from Q1. Orlando's cost stability in Q2 helped preserve its LVI in a quarter where most markets saw the index decline.

Lead Value Index: Milwaukee, WI (Q2 2026)

Milwaukee-Waukesha-West Allis posts an LVI of 15.3, above the national average, with a $466,500 median home price and a $7.60 CPL. Milwaukee continues to deliver above-average returns for Google Buyer investment without the elevated CPL of larger Midwestern markets.

Lead Value Index: Cincinnati, OH (Q2 2026)

Cincinnati-OH-KY-IN delivers an LVI of 15.1 on a $5.65 CPL, one of the lowest in the 26-50 group. Cincinnati's low acquisition cost keeps its LVI above the national average despite a more modest median home price. For agents running high-volume buyer campaigns, Cincinnati remains one of the more efficient markets in the Midwest.

Markets Ranked 51-75

Oxnard-Ventura (rank 66) posts the highest LVI in this group and in the entire top 100 at 44.7. Urban Honolulu (rank 54) follows at 31.2 and Bridgeport-Stamford (rank 57) delivers 25.9. Bakersfield (9.0), Tulsa (9.1), and Tucson (9.2) post the lowest scores in this group.

Lead Value Index: Oxnard-Ventura, CA (Q2 2026)

Oxnard-Thousand Oaks-Ventura posts the highest LVI in the entire top 100 for the second consecutive quarter at 44.7. A $961,800 median home price paired with a $5.40 CPL, one of the lowest in California, produces a return profile that has no peer in the full list. For agents operating in Ventura County, Google Buyer leads represent one of the highest-ROI advertising channels available anywhere in the country.

Lead Value Index: Honolulu, HI (Q2 2026)

Urban Honolulu posts an LVI of 31.2, second in this group, anchored by a $1,183,000 median home price. Honolulu's CPL rose 63% from Q1 to Q2, the largest jump of any market in the full top 100, yet the index still comes in above 30 because the home values are that strong. Agents here should focus on conversion systems to fully capture the value the LVI suggests is available.

Lead Value Index: Bridgeport-Stamford, CT (Q2 2026)

Bridgeport-Stamford-Norwalk posts an LVI of 25.9, third in this group, on an $885,100 median home price and an $8.50 CPL. Fairfield County's proximity to New York City drives strong home values while keeping CPL more contained than comparable New York submarkets. It remains one of the most efficient markets in the Northeast for Google Buyer ROI.

Lead Value Index: Rochester, NY (Q2 2026)

Rochester posts an LVI of 18.4 on a $4.10 CPL, the lowest of any market in the 51-75 group. While Rochester's home values are modest at $304,400, the rock-bottom acquisition cost drives returns well above the national average. Rochester also saw CPL fall 8% from Q1, one of the stronger improvements of the quarter.

Lead Value Index: New Haven, CT (Q2 2026)

New Haven-Milford posts an LVI of 18.7 on a $6.20 CPL and a $461,400 median home price. New Haven's CPL fell 26% from Q1, one of the largest decreases in the full top 100, which pushed the LVI meaningfully higher. It is now one of the stronger performers in Connecticut for Google Buyer ROI.

Lead Value Index: Fresno, CA (Q2 2026)

Fresno posts an LVI of 17.1, well above the national average, on a $430,000 median home price and a $6.30 CPL that fell 14% from Q1. Fresno's improving cost efficiency this quarter pushed its LVI higher and reinforces its position as one of the more underappreciated California markets for Google Buyer investment.

Markets Ranked 76-100

Boise (16.0) and Jackson, MS (16.4) lead this group on LVI, both above the national average. Spokane (6.8) sits at the very bottom of the full top 100. Little Rock (8.9) and Charleston, SC (9.8) also post notably low scores relative to their CPL levels.

Lead Value Index: Boise, ID (Q2 2026)

Boise City posts an LVI of 16.0, the highest in the 76-100 group, on a $521,600 median home price. Boise's CPL fell 23% from Q1, the largest decrease of any market in the group, which helped lift the LVI above where it was last quarter. For agents who stayed active in Boise through the recent period of elevated costs, the trend is moving in the right direction.

Lead Value Index: Jackson, MS (Q2 2026)

Jackson posts an LVI of 16.4 on a $4.30 CPL, the second lowest in the 76-100 group. Jackson's home values are modest at $280,200, but the very low acquisition cost drives returns well above the national average. It is a clear example of how CPL efficiency can compensate for a smaller home price market.

Lead Value Index: Syracuse, NY (Q2 2026)

Syracuse posts an LVI of 18.0 on a $3.80 CPL, the lowest in the entire top 100 this quarter. The combination of rock-bottom lead costs and a $274,100 median home price produces an LVI nearly 33% above the national benchmark. Syracuse is consistently underestimated as a market for Google Buyer investment.

Lead Value Index: Spokane, WA (Q2 2026)

Spokane-Spokane Valley posts the lowest LVI in the full top 100 at 6.8, with a $16.50 CPL that is also the highest of any market in the list. At this combination of cost and home value, the return on Google Buyer ad spend is the least favorable in the country. Agents running campaigns here should assess carefully whether their current conversion rates support continued investment at this level.

What the LVI Tells You About Q3 and Beyond

The Q2 dip in the national LVI is a seasonal signal, not a structural shift. As CPL eases in Q1 2027, the index will recover. What matters in the interim is understanding which markets offer the best cushion against rising costs.

Markets with high median home prices absorb CPL increases better than markets where home values are more modest. San Francisco, Boston, Oxnard, Honolulu, and Bridgeport-Stamford have consistently demonstrated this resilience over multiple quarters. If you are operating in one of these markets, the LVI supports continued or increased Google Buyer investment even in a higher-cost quarter.

For markets near or below the national benchmark, the math still works, but it requires tighter campaign management, stronger conversion systems, and a clear understanding of what your average close rate and commission income actually look like.

If you would like to know more about the Lead Value Index, or find out the LVI of your market, please register on cincpro.com to speak with a CINC product expert.

Despite market conditions, the ROI of online real estate advertising for real estate teams and agents continued to be exceptionally strong (for more details on related trends, see our recent Google buyer lead cost report and the seller lead cost report).

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 Q2 2026. 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. 

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.

Here are links to past historic Google Real Estate Lead Value Index Reports for Q1 2026, Q4 2025, Q3 2025, Q2 2025, Q1 2025, Q4 2024, Q3 2024, Q2 2024, Q1 2024, Q4 2023, Q3 2024, Q2 2023, Q1 2023, Q4 2022, Q3 2022, Q2 2022, Q1 2022, Q4 2021.