.svg)
.png)
%20(2).png?width=770&height=434&name=Q3%202023%20Google%20Real%20Estate%20Lead%20Value%20Index%20(600%20%C3%97%20350%20px)%20(2).png)
The Google Real Estate Lead Value Index (LVI) increased year-over-year in Q4 2023 (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 2023 fourth quarter Lead Value Index (LVI) was 13.39, up from 12.87 in the fourth quarter in 2022. This was a 4% improvement year-over-year.
The median home price in the fourth quarter was $391,700 and the average Google lead cost on CINC was $7.31. The LVI means that $1 in real estate lead generation leads to more than $13.392 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 Q4 2023 Google Real Estate Buyer Cost Per Lead Report, Q4 2023 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.]
Honolulu regained its place at the top of the list for market LVIs, with an LVI of 44.27. In the third quarter Bridgetport, CT, surpassed Honolulu for the top spot. This was the first time ever that Honolulu was not in the top spot. This quarter, Bridgeport fell out of the top 10 because of an increase in CPL.
Focusing on the big markets, a pair of California cities lead the pack: San Francisco and San Diego.
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 Q4 2023. 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 Q4 2023.
Des Moines, Iowa saw the largest increase in lead value quarter-over-quarter, growing over 95%.
Pictured Above: Des Moines (IA), 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 | Des Moines-West Des Moines, IA | $5.58 | $282.60 | 12.65 | 94.6% |
| 2 | Boise City, ID | $7.91 | $498.00 | 15.75 | 60.7% |
| 3 | Worcester, MA-CT | $4.57 | $434.30 | 23.75 | 54.2% |
| 4 | Louisville/Jefferson County, KY-IN | $4.71 | $262.30 | 13.92 | 45.0% |
| 5 | Greensboro-High Point, NC | $4.04 | $286.30 | 17.7 | 39.4% |
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 Q4 2023.
With Des Moines 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 45% year-over-year.
Pictured Above: Louisville (KY), ranked #2 in Lower Home Price Markets with Highest Percentage Gains in Google Real Estate Lead Value Index (LVI) Readings.
Greensboro (NC) 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 | Des Moines-West Des Moines, IA | $5.58 | $282.60 | 12.65 | 94.6% |
| 2 | Louisville/Jefferson County, KY-IN | $4.71 | $262.30 | 13.92 | 45.0% |
| 3 | Greensboro-High Point, NC | $4.04 | $286.30 | 17.7 | 39.4% |
| 4 | Rochester, NY | $3.29 | $230.50 | 17.54 | 25.3% |
| 5 | Harrisburg-Carlisle, PA | $6.36 | $254.50 | 10.01 | 25.1% |
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 Q4 2023.
Worcester, MA saw the largest percentage increase in the lead value index readings year-over-year for moderate cost markets, growing over 54% year-over-year.
Pictured Above: Worcester (MA), ranked #1 in Moderate Home Price Markets with Highest Percentage Gains in Google Real Estate Lead Value Index (LVI) Readings.
Western markets Albuquerque (NM) and Colorado Springs (CO) 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 | $4.57 | $434.30 | 23.75 | 54.2% |
| 2 | Indianapolis-Carmel-Anderson, IN | $4.77 | $300.10 | 15.72 | 22.8% |
| 3 | Deltona-Daytona Beach-Ormond Beach, FL | $7.20 | $362.40 | 12.58 | 19.8% |
| 4 | Albuquerque, NM | $7.62 | $348.70 | 11.43 | 19.1% |
| 5 | Colorado Springs, CO | $9.50 | $459.30 | 12.08 | 18.4% |
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 Q4 2023.
Pictured Above: Boise (ID), ranked #1 in Higher Home Price Markets with Highest Percentage Gains in Google Real Estate Lead Value Index (LVI) Readings.
Out West had the top 5 highest percentage gains in higher home price markets with Boise seeing highest percentage LVI increases of over 60% .
| 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 | Boise City, ID | $7.91 | $498.00 | 15.75 | 60.7% |
| 2 | Sacramento--Roseville--Arden-Arcade, CA | $8.71 | $535.00 | 15.35 | 24.8% |
| 3 | San Diego-Carlsbad, CA | $9.29 | $931.60 | 25.06 | 19.9% |
| 4 | Salt Lake City, UT | $10.21 | $541.00 | 13.25 | 18.3% |
| 5 | San Francisco-Oakland-Hayward, CA | $11.22 | $1,251.00 | 27.87 | 18.1% |
Google Real Estate Lead Value Index Readings for Top 100 Markets
Google Real Estate Lead Value Index readings for Top 100 Markets in Q4 2023.
| 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 | $7.64 | $659.30 | 21.58 | 8.4% |
| 2 | Los Angeles-Long Beach-Anaheim, CA | $10.24 | $884.40 | 21.59 | 0.4% |
| 3 | Chicago-Naperville-Elgin, IL-IN-WI | $5.99 | $343.30 | 14.33 | -11.5% |
| 4 | Dallas-Fort Worth-Arlington, TX | $7.00 | $376.20 | 13.44 | 6.7% |
| 5 | Houston-The Woodlands-Sugar Land, TX | $5.95 | $336.60 | 14.15 | -6.9% |
| 6 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $6.09 | $353.50 | 14.51 | 6.7% |
| 7 | Washington-Arlington-Alexandria, DC-VA-MD-WV | $8.19 | $591.70 | 18.06 | 10.1% |
| 8 | Miami-Fort Lauderdale-West Palm Beach, FL | $8.18 | $600.00 | 18.33 | -2.0% |
| 9 | Atlanta-Sandy Springs-Roswell, GA | $6.38 | $366.90 | 14.38 | -1.5% |
| 10 | Boston-Cambridge-Newton, MA-NH | $7.13 | $704.70 | 24.72 | -5.3% |
| 11 | San Francisco-Oakland-Hayward, CA | $11.22 | $1,251.00 | 27.87 | 18.1% |
| 12 | Riverside-San Bernardino-Ontario, CA | $9.10 | $565.50 | 15.54 | -0.4% |
| 13 | Phoenix-Mesa-Scottsdale, AZ | $10.27 | $466.50 | 11.35 | 1.3% |
| 14 | Detroit-Warren-Dearborn, MI | $6.67 | $241.50 | 9.05 | 10.4% |
| 15 | Seattle-Tacoma-Bellevue, WA | $10.80 | $732.20 | 16.95 | 13.8% |
| 16 | Minneapolis-St. Paul-Bloomington, MN-WI | $9.19 | $374.00 | 10.18 | -5.7% |
| 17 | San Diego-Carlsbad, CA | $9.29 | $931.60 | 25.06 | 19.9% |
| 18 | Tampa-St. Petersburg-Clearwater, FL | $7.05 | $410.00 | 14.55 | 0.3% |
| 19 | St. Louis, MO-IL | $5.35 | $243.70 | 11.39 | -8.1% |
| 20 | Baltimore-Columbia-Towson, MD | $6.63 | $383.90 | 14.48 | 3.4% |
| 21 | Denver-Aurora-Lakewood, CO | $11.00 | $652.30 | 14.82 | -8.0% |
| 22 | Pittsburgh, PA | $5.57 | $210.20 | 9.44 | #VALUE! |
| 23 | Charlotte-Concord-Gastonia, NC-SC | $6.69 | $395.10 | 14.77 | -5.9% |
| 24 | Portland-Vancouver-Hillsboro, OR-WA | $8.66 | $579.40 | 16.72 | 8.6% |
| 25 | San Antonio-New Braunfels, TX | $7.18 | $315.70 | 11 | -32.9% |
| 26 | Orlando-Kissimmee-Sanford, FL | $6.31 | $442.00 | 17.51 | 10.1% |
| 27 | Sacramento--Roseville--Arden-Arcade, CA | $8.71 | $535.00 | 15.35 | 24.8% |
| 28 | Cincinnati, OH-KY-IN | $5.99 | $278.20 | 11.62 | -2.4% |
| 29 | Cleveland-Elyria, OH | $6.40 | $190.70 | 7.45 | 4.9% |
| 30 | Kansas City, MO-KS | $5.86 | $315.80 | 13.47 | 13.2% |
| 31 | Las Vegas-Henderson-Paradise, NV | $10.20 | $459.60 | 11.27 | 1.5% |
| 32 | Columbus, OH | $6.72 | $307.10 | 11.42 | -23.4% |
| 33 | Indianapolis-Carmel-Anderson, IN | $4.77 | $300.10 | 15.72 | 22.8% |
| 34 | San Jose-Sunnyvale-Santa Clara, CA | $11.23 | $1,750.30 | 38.98 | 17.1% |
| 35 | Austin-Round Rock, TX | $9.26 | $466.40 | 12.59 | -8.8% |
| 36 | Nashville-Davidson--Murfreesboro--Franklin, TN | $8.10 | $405.30 | 12.51 | 0.9% |
| 37 | Virginia Beach-Norfolk-Newport News, VA-NC | $8.18 | $335.00 | 10.24 | 15.1% |
| 38 | Providence-Warwick, RI-MA | $6.25 | $467.50 | 18.7 | 17.6% |
| 39 | Milwaukee-Waukesha-West Allis, WI | $5.73 | $359.00 | 15.66 | -0.9% |
| 40 | Jacksonville, FL | $7.03 | $392.70 | 13.97 | 2.0% |
| 41 | Memphis, TN-MS-AR | $4.46 | $248.40 | 13.93 | 14.2% |
| 42 | Oklahoma City, OK | $6.62 | $243.30 | 9.19 | -8.1% |
| 43 | Louisville/Jefferson County, KY-IN | $4.71 | $262.30 | 13.92 | 45.0% |
| 44 | Richmond, VA | $6.89 | $412.80 | 14.97 | 5.4% |
| 45 | New Orleans-Metairie, LA | $2.91 | $263.30 | 22.64 | 16.1% |
| 46 | Hartford-West Hartford-East Hartford, CT | $5.76 | $358.20 | 15.55 | -2.8% |
| 47 | Raleigh, NC | $8.12 | $461.20 | 14.19 | -2.1% |
| 48 | Birmingham-Hoover, AL | $5.00 | $301.90 | 15.09 | -1.4% |
| 49 | Buffalo-Cheektowaga-Niagara Falls, NY | $4.23 | $243.50 | 14.38 | -7.2% |
| 50 | Salt Lake City, UT | $10.21 | $541.00 | 13.25 | 18.3% |
| 51 | Rochester, NY | $3.29 | $230.50 | 17.54 | 25.3% |
| 52 | Grand Rapids-Wyoming, MI | $7.81 | $309.20 | 9.9 | 6.5% |
| 53 | Tucson, AZ | $9.68 | $378.80 | 9.78 | 2.9% |
| 54 | Urban Honolulu, HI | $6.04 | $1,069.40 | 44.27 | 6.9% |
| 55 | Tulsa, OK | $4.82 | $255.50 | 13.26 | -10.4% |
| 56 | Fresno, CA | $5.29 | $405.70 | 19.18 | 9.0% |
| 57 | Bridgeport-Stamford-Norwalk, CT | $7.67 | $681.90 | 22.22 | -3.8% |
| 58 | Worcester, MA-CT | $4.57 | $434.30 | 23.75 | 54.2% |
| 59 | Albuquerque, NM | $7.62 | $348.70 | 11.43 | 19.1% |
| 60 | Omaha-Council Bluffs, NE-IA | $4.49 | $282.30 | 15.73 | -1.7% |
| 61 | Albany-Schenectady-Troy, NY | $4.27 | $307.40 | 17.99 | -1.7% |
| 62 | New Haven-Milford, CT | $7.47 | $363.70 | 12.17 | -20.5% |
| 63 | Bakersfield, CA | $7.24 | $367.30 | 12.68 | #VALUE! |
| 64 | Knoxville, TN | $6.37 | $346.90 | 13.62 | -1.3% |
| 65 | Greenville-Anderson-Mauldin, SC | $5.01 | $351.80 | 17.56 | 17.1% |
| 66 | Oxnard-Thousand Oaks-Ventura, CA | $6.88 | $916.80 | 33.33 | #VALUE! |
| 67 | El Paso, TX | $4.00 | $261.80 | 16.36 | #VALUE! |
| 68 | Allentown-Bethlehem-Easton, PA-NJ | NA | $325.10 | NA | #VALUE! |
| 69 | Baton Rouge, LA | $5.34 | $262.90 | 12.31 | -33.1% |
| 70 | McAllen-Edinburg-Mission, TX | NA | NA | NA | #VALUE! |
| 71 | Dayton, OH | $6.59 | $240.70 | 9.12 | -4.0% |
| 72 | Columbia, SC | $4.49 | $273.00 | 15.19 | 8.5% |
| 73 | Greensboro-High Point, NC | $4.04 | $286.30 | 17.7 | 39.4% |
| 74 | North Port-Sarasota-Bradenton, FL | $9.45 | $499.90 | 13.23 | -11.8% |
| 75 | Little Rock-North Little Rock-Conway, AR | NA | $200.00 | NA | #VALUE! |
| 76 | Stockton-Lodi, CA | $9.52 | NA | NA | #VALUE! |
| 77 | Akron, OH | $7.36 | $181.50 | 6.16 | -3.8% |
| 78 | Charleston-North Charleston, SC | $11.03 | $429.00 | 9.72 | 5.7% |
| 79 | Colorado Springs, CO | $9.50 | $459.30 | 12.08 | 18.4% |
| 80 | Syracuse, NY | $4.05 | $222.70 | 13.76 | 15.6% |
| 81 | Winston-Salem, NC | $4.48 | $287.80 | 16.06 | 1.0% |
| 82 | Cape Coral-Fort Myers, FL | $8.97 | $400.00 | 11.15 | -27.1% |
| 83 | Boise City, ID | $7.91 | $498.00 | 15.75 | 60.7% |
| 84 | Wichita, KS | $5.05 | $210.60 | 10.42 | -35.3% |
| 85 | Springfield, MA | NA | $337.80 | NA | #VALUE! |
| 86 | Madison, WI | $6.65 | $403.70 | 15.19 | -4.5% |
| 87 | Lakeland-Winter Haven, FL | $5.21 | $335.60 | 16.09 | -10.1% |
| 88 | Ogden-Clearfield, UT | $8.82 | $478.60 | 13.57 | 0.5% |
| 89 | Toledo, OH | NA | $175.00 | NA | #VALUE! |
| 90 | Deltona-Daytona Beach-Ormond Beach, FL | $7.20 | $362.40 | 12.58 | 19.8% |
| 91 | Des Moines-West Des Moines, IA | $5.58 | $282.60 | 12.65 | 94.6% |
| 92 | Jackson, MS | $3.98 | $195.50 | 12.29 | -5.5% |
| 93 | Augusta-Richmond County, GA-SC | $4.52 | NA | NA | #VALUE! |
| 94 | Scranton–Wilkes-Barre–Hazleton, PA | NA | NA | NA | #VALUE! |
| 95 | Youngstown-Warren-Boardman, OH-PA | $3.58 | $146.30 | 10.22 | #VALUE! |
| 96 | Harrisburg-Carlisle, PA | $6.36 | $254.50 | 10.01 | 25.1% |
| 97 | Provo-Orem, UT | $10.71 | $500.90 | 11.7 | #VALUE! |
| 98 | Palm Bay-Melbourne-Titusville, FL | $7.17 | $360.00 | 12.55 | -4.2% |
| 99 | Chattanooga, TN-GA | $5.76 | $293.20 | 12.73 | -24.2% |
| 100 | Spokane-Spokane Valley, WA | $12.60 | $397.60 | 7.89 | -28.9% |
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.
.png?width=2240&height=800&name=Secret%20Submarket%20Finder%20Tool%20(1).png)
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 Q3 2024, Q2 2023, Q1 2023, Q4 2022, Q3 2022, Q2 2022, Q1 2022, Q4 2021.