Real Estate Lead Value Index Report for Google | Q4 2025 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 LVI dipped slightly from Q3 2025 because CPL increased while median home prices declined modestly. As CPL eases in Q1 2026, the LVI is expected to improve, making early 2026 one of the stronger windows for ad spend efficiency in recent quarters.

California dominated the big market rankings again this quarter. San Francisco, San Jose, and Oxnard claimed three of the top ten spots among large metros. Among all markets, Pittsfield, MA claimed the top overall LVI at 40.2, edging out Kingston, NY, which held the top spot last quarter.

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. Markets with high LVIs are not necessarily easy markets, but they do offer the strongest mathematical return on advertising investment when campaigns are managed well.

Top 10 Lead Value Index Markets (All Markets, Q4 2025)

The markets with the highest return on Google Buyer ad spend this quarter. Pittsfield, MA topped the overall rankings with an LVI of 40.2, meaning every dollar in ad spend is projected to generate over $40 in commissions. The Northeast and California dominate the top ten, reflecting the outsized impact of high median home prices on the index.

Note: LVI scores above 20 represent exceptional ad spend efficiency. Markets in this range typically combine relatively affordable CPL with high median home values, the two variables that most directly drive the index.

Top 10 Lead Value Index Big Markets (Q4 2025)

The highest-LVI markets among the 100 largest U.S. metro areas. San Francisco leads the big market rankings with an LVI of 31.1, a reflection of both its high median home price and relatively moderate CPL increase this quarter. California claims three of the top five spots, with Boston and New York rounding out the upper tier.

Full Top 100 Markets: Q4 2025 Lead Value Index

The tables below show CPL, median home price, and LVI for each of the top 100 U.S. markets by population. LVI scores are color-coded: scores of 20 or above appear in green, scores of 14 to 19 appear in blue, and scores below 14 appear in standard text. A few highlights before you scan:

• San Francisco (31.1), San Diego (20.8), and Boston (23.1) are the three markets in the top 25 by population that exceed an LVI of 20.
• Oxnard-Ventura, CA and Urban Honolulu, HI post LVIs of 36.2 and 34.1 respectively despite not ranking in the top 10 by population.
• Las Vegas and Virginia Beach both post LVIs below 9, reflecting the combination of high CPL and moderate home values in those markets.

Markets Ranked 1-25

Lead Value Index: New York, NY (Q4 2025)

New York-Newark-Jersey City posts an LVI of 19.5, the fourth highest of any big market. With a median home price of $753,600 and a CPL of $9.68, the math works strongly in favor of agents running Google Buyer campaigns here. The high transaction value means each closed lead generates well above the national average in commissions.

Lead Value Index: Los Angeles, CA (Q4 2025)

Los Angeles-Long Beach-Anaheim comes in with an LVI of 16.8, backed by a median home price of $939,700. Despite having one of the higher CPLs in the country at $13.97, the extraordinary home values in Southern California still produce strong returns on ad spend for agents who convert consistently.

Lead Value Index: Chicago, IL (Q4 2025)

Chicago-Naperville-Elgin posts an LVI of 12.7, right at the national average. The combination of a $388,900 median home price and a $7.65 CPL makes Chicago a steady, predictable market for Google Buyer investment, without the high-ceiling upside of coastal markets but also without the volatility.

Lead Value Index: Philadelphia, PA (Q4 2025)

Philadelphia-Camden-Wilmington delivers an LVI of 14.7, one of the stronger scores among large Northeastern markets. With a $392,100 median home price and one of the lowest CPLs of any big market at $6.66, Philadelphia offers a genuinely favorable cost-to-value ratio for agents running buyer campaigns.

Lead Value Index: Washington, DC (Q4 2025)

The DC-Arlington-Alexandria metro posts an LVI of 16.0, driven by a $641,600 median home price. Even with a $10.05 CPL, the region's high transaction values keep the return on ad spend well above average, making Washington one of the more attractive large markets for Google Buyer investment.

Lead Value Index: Miami, FL (Q4 2025)

Miami-Fort Lauderdale-West Palm Beach comes in at an LVI of 16.4, supported by a $635,000 median home price. South Florida's sustained demand from relocation and international buyers keeps home values elevated, which translates directly into strong LVI performance despite above-average CPL.

Lead Value Index: Boston, MA (Q4 2025)

Boston-Cambridge-Newton posts the second-highest LVI among big markets at 23.1, anchored by a $757,600 median home price and a manageable $8.19 CPL. Boston is one of the strongest value propositions in the country for Google Buyer ad spend among large metros, combining high home values with a relatively modest cost to acquire leads.

Lead Value Index: San Francisco, CA (Q4 2025)

San Francisco-Oakland-Hayward leads all big markets with an LVI of 31.1. The $1,305,000 median home price is the primary driver, and even with a $10.49 CPL, every dollar in ad spend projects to generate over $31 in gross commissions. For agents and teams with strong follow-up systems, the Bay Area represents one of the highest-ceiling markets in the country for ROI on Google Buyer campaigns.

Lead Value Index: San Diego, CA (Q4 2025)

San Diego-Carlsbad posts an LVI of 20.8, third among big markets, driven by a $994,000 median home price. San Diego is one of only three large markets to exceed an LVI of 20, putting it in the top tier for expected return on Google Buyer ad spend.

Lead Value Index: Seattle, WA (Q4 2025)

Seattle-Tacoma-Bellevue delivers an LVI of 15.2 on the strength of a $770,400 median home price. Despite one of the higher CPLs in the big market set at $12.70, Seattle's home values are strong enough to keep the LVI well above the national benchmark.

Lead Value Index: Baltimore, MD (Q4 2025)

Baltimore-Columbia-Towson posts an LVI of 13.3, supported by a $426,000 median home price and a reasonable $7.98 CPL. Baltimore sits just below the national average LVI but remains a solid market for Google Buyer investment, particularly given the decline in CPL observed year over year.

Lead Value Index: Denver, CO (Q4 2025)

Denver-Aurora-Lakewood comes in at an LVI of 12.7, matching the national average despite a $644,100 median home price. The relatively high CPL of $12.70 offsets the strong home values, keeping Denver's LVI from reaching the levels its home prices might suggest. That said, the market remains a solid performer for well-run buyer campaigns.

Lead Value Index: Charlotte, NC (Q4 2025)

Charlotte-Concord-Gastonia posts an LVI of 14.0, above the national average, with a $427,600 median home price and a low $7.66 CPL. Charlotte is one of the more efficient markets in the Southeast for Google Buyer lead investment, and its continued population growth keeps the buyer pool deep.

Markets Ranked 26-50

San Jose, CA stands out in this group with an LVI of 24.2, the highest of any market in the 26-50 range, driven by a $1,920,000 median home price. Providence, RI also performs well at 18.3.

Lead Value Index: San Jose, CA (Q4 2025)

San Jose-Sunnyvale-Santa Clara posts an LVI of 24.2, the strongest of any market ranked 26-50 by population. The $1,920,000 median home price is the highest of any market in the full top 100, and even with a $19.80 CPL, the return on ad spend is exceptional. Agents operating in the South Bay need strong volume and conversion systems to justify the high lead cost, but the potential commission per transaction is unmatched.

Lead Value Index: Providence, RI (Q4 2025)

Providence-Warwick delivers an LVI of 18.3, one of the strongest scores of any market outside the top 25 most populous metros. A $536,800 median home price and a modest $7.35 CPL create a favorable combination that puts Providence well above the national average and ahead of several larger, more expensive markets.

Lead Value Index: Milwaukee, WI (Q4 2025)

Milwaukee-Waukesha-West Allis posts an LVI of 15.2, tied with Seattle among big markets. A $417,500 median home price combined with a low $6.88 CPL makes Milwaukee one of the more underappreciated markets for Google Buyer ROI in the Midwest.

Lead Value Index: New Orleans, LA (Q4 2025)

New Orleans-Metairie delivers an LVI of 14.6, above the national average, aided by the lowest CPL of any market in the 26-50 group at $5.01. While the $292,800 median home price is below average, the very low acquisition cost keeps the return on investment competitive.

Lead Value Index: Hartford, CT (Q4 2025)

Hartford-West Hartford-East Hartford posts an LVI of 15.0, driven by a $411,400 median home price and a $6.84 CPL. Hartford is one of the more efficient mid-size markets for Google Buyer investment in the Northeast, and its LVI sits comfortably above the national benchmark.

Lead Value Index: Buffalo, NY (Q4 2025)

Buffalo-Cheektowaga-Niagara Falls delivers an LVI of 15.0 on a $4.76 CPL, one of the lowest in the entire top 100. While the $286,100 median home price is modest, the extremely low acquisition cost drives strong overall returns, making Buffalo a quietly efficient market for agents who are active on Google.

Markets Ranked 51-75

Oxnard-Thousand Oaks-Ventura, CA posts the highest LVI in this group at 36.2, one of the top three scores in the entire top 100. Urban Honolulu, HI follows at 34.1. Bridgeport-Stamford, CT also delivers a standout LVI of 28.8.

Lead Value Index: Oxnard-Ventura, CA (Q4 2025)

Oxnard-Thousand Oaks-Ventura posts an LVI of 36.2, the third highest of any market in the full top 100 and the highest in the 51-75 population group. A $936,700 median home price combined with a low $6.47 CPL creates an exceptional return profile. For agents operating in Ventura County, Google Buyer leads represent one of the highest-ROI advertising channels available.

Lead Value Index: Honolulu, HI (Q4 2025)

Urban Honolulu posts an LVI of 34.1, the fourth highest overall, anchored by a $1,142,100 median home price. Despite a CPL that rose sharply this quarter, the extraordinary home values in Hawaii still produce strong projected returns on ad spend. Agents here should weigh the high per-lead cost carefully against their conversion rates to ensure the math holds.

Lead Value Index: Bridgeport-Stamford, CT (Q4 2025)

Bridgeport-Stamford-Norwalk posts an LVI of 28.8, the sixth highest overall. A $747,500 median home price and a low $6.49 CPL make Fairfield County one of the most efficient markets in the country for Google Buyer ad spend. Agents here benefit from high transaction values without the elevated CPL that often accompanies them in other coastal markets.

Lead Value Index: Worcester, MA (Q4 2025)

Worcester-CT posts an LVI of 17.1, above the national average, driven by a $465,200 median home price and a $6.81 CPL. Worcester benefits from being a more affordable alternative to greater Boston while still commanding strong home values, giving agents here a favorable cost-to-value dynamic.

Lead Value Index: El Paso, TX (Q4 2025)

El Paso delivers an LVI of 15.6 on one of the lowest CPLs in the entire top 100 at $4.38. The $274,200 median home price is below average, but the rock-bottom acquisition cost keeps the return on investment well above the national benchmark. El Paso is a strong candidate for agents looking to generate high lead volume at low cost.

Lead Value Index: Fresno, CA (Q4 2025)

Fresno posts an LVI of 15.0, aided by a $430,000 median home price and a $7.16 CPL. Fresno is a mid-size California market that punches above its weight in LVI terms, offering agents a combination of California home values without the premium CPL of the state's coastal metros.

Markets Ranked 76-100

Winston-Salem, NC and Wichita, KS both post LVIs above 14, making them two of the more efficient smaller markets for Google Buyer ROI in this group. Spokane, WA and Harrisburg, PA sit at the bottom of the index with LVIs of 7.5 and 7.7.

Lead Value Index: Winston-Salem, NC (Q4 2025)

Winston-Salem posts an LVI of 14.4, above the national average, supported by a $318,700 median home price and a low $5.53 CPL. Winston-Salem is one of the more efficient smaller markets for Google Buyer investment in the Southeast, offering solid returns without the high acquisition costs of the region's larger metros.

Lead Value Index: Wichita, KS (Q4 2025)

Wichita delivers an LVI of 14.9 on a $3.89 CPL, the lowest in the entire top 100. While the $230,900 median home price is modest, the extremely low cost to acquire a lead produces returns that compare favorably to far more expensive markets. Wichita is a standout example of how low CPL can drive strong LVI performance even in markets with moderate home values.

Lead Value Index: Colorado Springs, CO (Q4 2025)

Colorado Springs posts an LVI of 12.0, close to the national average, with a $456,200 median home price and a $9.49 CPL. The Colorado Springs market saw seller CPL decline significantly this quarter, and its buyer LVI reflects a market that offers solid but not exceptional returns on Google Buyer investment.

Lead Value Index: Spokane, WA (Q4 2025)

Spokane-Spokane Valley posts an LVI of just 7.5, the lowest of any market in the full top 100 where data was available. A $14.25 CPL, the highest in the 76-100 group, combined with a $425,100 median home price produces a return profile that warrants careful attention. Agents running Google Buyer campaigns in Spokane should closely evaluate their cost-per-acquisition relative to their commission income to ensure their campaigns remain profitable.

What to Expect for the Lead Value Index in Q1 2026

The LVI is expected to improve in Q1 2026 for most markets. As Google Buyer CPL typically declines coming out of the holiday season, and if median home prices hold steady, the resulting LVI improvement means early 2026 should offer some of the strongest ad spend efficiency of the year.

For agents and teams doing annual budget planning, this is the core takeaway: the cost to acquire a buyer lead will likely be at its lowest in Q1, and the value of each lead, measured by the home prices those buyers are transacting on, is unlikely to decline meaningfully. That combination favors investing more in Google Buyer campaigns at the start of the year rather than waiting. 

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 Q4 2025. 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 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.