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The Google Real Estate Lead Value Index (LVI) increased in Q2 2023 compared to Q1 2023 (using data from CINC's portfolio of of real estate team and agent clients).
The second quarter Lead Value Index (LVI) was 14.28, up from 13.94 in the first quarter.
The return on online real estate advertising was still 36% higher in Q2 2023 compared to data prior to the pandemic when the LVI reading was 10.51.
The median home price in the second quarter was $402,600 and the buyer CPL was $7.05. The LVI means that $1 in real estate lead generation leads to more than $14.28 in commissions.
Despite recent shifts 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 Q2 2023 Google Real Estate Buyer Cost Per Lead Report, Q2 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.]
There was a change at the top in terms of which market provides the greatest real estate lead value. Boston returned to the top (27.28), ousting San Francisco which is now second (25.44). The rest of the top 5 were the same: San Diego, Miami, and New York.
Honolulu was again the highest among the top 100 markets at 45.66. Some of the other top markets outside of the 20 largest markets are: San Jose, CA; Portland, ME; and Salinas, CA.
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 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 Q2 2023.
Worcester, Massachusetts saw the largest increase in lead value quarter-over-quarter, growing over 58%.
4 of the 5 markets with the largest increases in LVI readings quarter-over-quarter were in the Northeast, all seeing lead value growth of over 25% quarter-over-quarter.
| 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 | Worcester, MA-CT | $4.77 | $452.00 | 23.67 | 58.1% |
| 2 | Buffalo-Cheektowaga-Niagara Falls, NY | $2.90 | $236.80 | 20.44 | 47.7% |
| 3 | Toledo, OH | $3.78 | $177.20 | 11.73 | 34.8% |
| 4 | Providence-Warwick, RI-MA | $5.68 | $462.30 | 20.36 | 26.3% |
| 5 | New Haven-Milford, CT | $5.40 | $365.80 | 16.94 | 25.9% |
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 25% of NAR's median home price with highest percentage gains in CINC's Google Real Estate Lead Value Index readings in Q2 2023.
Buffalo, New York saw the largest percentage increase in the lead value index readings quarter-over-quarter for lowest cost markets, growing over 47% quarter-over-quarter.
4 of the other Top 5 lower cost markets that saw the highest percentage gains in the lead value index (LVI) were all located near each other in either Ohio or Kentucky.
| 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 | Buffalo-Cheektowaga-Niagara Falls, NY | $2.90 | $236.80 | 20.44 | 47.7% |
| 2 | Toledo, OH | $3.78 | $177.20 | 11.73 | 34.8% |
| 3 | Akron, OH | $7.19 | $206.00 | 7.16 | 25.2% |
| 4 | Cleveland-Elyria, OH | $6.91 | $228.70 | 8.27 | 22.9% |
| 5 | Louisville/Jefferson County, KY-IN | $5.39 | $270.90 | 12.56 | 18.4% |
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 Q2 2023.
The Top 3 markets (Worcester, Providence, and New Haven) were all located in New England.
All 5 of the Top 5 moderate home price markets with the highest percentage gains in LVI readings were located in northern markets in the country.
| 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 | $4.77 | $452.00 | 23.67 | 58.1% |
| 2 | Providence-Warwick, RI-MA | $5.68 | $462.30 | 20.36 | 26.3% |
| 3 | New Haven-Milford, CT | $5.40 | $365.80 | 16.94 | 25.9% |
| 4 | Boise City, ID | $9.05 | $480.80 | 13.28 | 20.2% |
| 5 | Milwaukee-Waukesha-West Allis, WI | $5.68 | $387.40 | 17.06 | 20.0% |
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 25% of NAR's median home price with highest percentage gains in CINC's Google Real Estate Lead Value Index readings in Q2 2023.
New England also had the two highest percentage gains in higher home price markets with both Bridgeport, Connecticut & Boston, Massachusetts see percentage increases over 13% . Utah (Provo and Salt Lake City) had the next two markets with the highest increases in LVI quarter-over-quarter.
| 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 | Bridgeport-Stamford-Norwalk, CT | $7.09 | $722.40 | 25.48 | 19.5% |
| 2 | Boston-Cambridge-Newton, MA-NH | $6.73 | $734.20 | 27.28 | 13.9% |
| 3 | Provo-Orem, UT | $10.26 | $520.30 | 12.68 | 12.0% |
| 4 | Salt Lake City, UT | $9.81 | $546.90 | 13.94 | 9.0% |
| 5 | Seattle-Tacoma-Bellevue, WA | $11.49 | $793.30 | 17.27 | 8.4% |
Google Real Estate Lead Value Index Readings for Top 100 Markets
Google Real Estate Lead Value Index readings for Top 100 Markets in Q2 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 | $7.54 | $629.00 | 20.87 | 6.2% |
| 2 | Los Angeles-Long Beach-Anaheim, CA | $9.96 | $789.40 | 19.82 | 4.0% |
| 3 | Chicago-Naperville-Elgin, IL-IN-WI | $5.69 | $362.60 | 15.95 | 5.9% |
| 4 | Dallas-Fort Worth-Arlington, TX | $7.09 | $389.80 | 13.74 | 1.1% |
| 5 | Houston-The Woodlands-Sugar Land, TX | $5.41 | $348.30 | 16.09 | 7.6% |
| 6 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $5.89 | $352.90 | 14.97 | 15.2% |
| 7 | Washington-Arlington-Alexandria, DC-VA-MD-WV | $8.55 | $629.00 | 18.39 | 2.0% |
| 8 | Miami-Fort Lauderdale-West Palm Beach, FL | $7.09 | $605.00 | 21.32 | -6.6% |
| 9 | Atlanta-Sandy Springs-Roswell, GA | $6.31 | $376.50 | 14.92 | -2.9% |
| 10 | Boston-Cambridge-Newton, MA-NH | $6.73 | $734.20 | 27.28 | 13.9% |
| 11 | San Francisco-Oakland-Hayward, CA | $13.12 | $1,335.00 | 25.44 | -3.4% |
| 12 | Riverside-San Bernardino-Ontario, CA | $8.73 | $570.00 | 16.32 | -6.9% |
| 13 | Phoenix-Mesa-Scottsdale, AZ | $9.60 | $464.20 | 12.09 | -7.0% |
| 14 | Detroit-Warren-Dearborn, MI | $7.33 | $265.30 | 9.05 | 14.4% |
| 15 | Seattle-Tacoma-Bellevue, WA | $11.49 | $793.30 | 17.27 | 8.4% |
| 16 | Minneapolis-St. Paul-Bloomington, MN-WI | $8.97 | $386.70 | 10.77 | 5.1% |
| 17 | San Diego-Carlsbad, CA | $9.54 | $942.40 | 24.69 | 6.2% |
| 18 | Tampa-St. Petersburg-Clearwater, FL | $5.97 | $409.90 | 17.17 | -1.2% |
| 19 | St. Louis, MO-IL | $4.52 | $266.20 | 14.72 | 16.1% |
| 20 | Baltimore-Columbia-Towson, MD | $6.51 | $399.80 | 15.35 | 3.6% |
| 21 | Denver-Aurora-Lakewood, CO | $10.83 | $674.50 | 15.57 | -8.5% |
| 22 | Pittsburgh, PA | $5.71 | $225.90 | 9.89 | 6.2% |
| 23 | Charlotte-Concord-Gastonia, NC-SC | $5.68 | $403.10 | 17.75 | 7.4% |
| 24 | Portland-Vancouver-Hillsboro, OR-WA | $9.66 | $599.40 | 15.52 | -1.0% |
| 25 | San Antonio-New Braunfels, TX | $5.21 | $334.10 | 16.02 | -3.0% |
| 26 | Orlando-Kissimmee-Sanford, FL | $6.08 | $435.00 | 17.88 | -5.3% |
| 27 | Sacramento--Roseville--Arden-Arcade, CA | $9.66 | $530.00 | 13.72 | -2.3% |
| 28 | Cincinnati, OH-KY-IN | $5.58 | $294.20 | 13.17 | 13.4% |
| 29 | Cleveland-Elyria, OH | $6.91 | $228.70 | 8.27 | 22.9% |
| 30 | Kansas City, MO-KS | $5.89 | $333.90 | 14.18 | 7.7% |
| 31 | Las Vegas-Henderson-Paradise, NV | $9.36 | $449.60 | 12.01 | -0.6% |
| 32 | Columbus, OH | $5.53 | $327.50 | 14.82 | -0.5% |
| 33 | Indianapolis-Carmel-Anderson, IN | $5.11 | $311.20 | 15.21 | 3.0% |
| 34 | San Jose-Sunnyvale-Santa Clara, CA | $11.57 | $1,800.00 | 38.88 | 7.1% |
| 35 | Austin-Round Rock, TX | $8.48 | $496.30 | 14.63 | 2.1% |
| 36 | Nashville-Davidson--Murfreesboro--Franklin, TN | $8.14 | $401.30 | 12.32 | -3.7% |
| 37 | Virginia Beach-Norfolk-Newport News, VA-NC | $6.78 | $339.70 | 12.53 | 4.5% |
| 38 | Providence-Warwick, RI-MA | $5.68 | $462.30 | 20.36 | 26.3% |
| 39 | Milwaukee-Waukesha-West Allis, WI | $5.68 | $387.40 | 17.06 | 20.0% |
| 40 | Jacksonville, FL | $6.36 | $390.90 | 15.37 | -2.6% |
| 41 | Memphis, TN-MS-AR | $5.43 | $287.90 | 13.25 | -4.5% |
| 42 | Oklahoma City, OK | $5.74 | $247.60 | 10.78 | 7.8% |
| 43 | Louisville/Jefferson County, KY-IN | $5.39 | $270.90 | 12.56 | 18.4% |
| 44 | Richmond, VA | $7.06 | $395.00 | 13.98 | -7.2% |
| 45 | New Orleans-Metairie, LA | $3.56 | $287.10 | 20.14 | -7.6% |
| 46 | Hartford-West Hartford-East Hartford, CT | $5.83 | $357.80 | 15.35 | 6.4% |
| 47 | Raleigh, NC | $7.51 | $471.60 | 15.71 | 8.4% |
| 48 | Birmingham-Hoover, AL | $4.98 | $315.80 | 15.86 | 4.8% |
| 49 | Buffalo-Cheektowaga-Niagara Falls, NY | $2.90 | $236.80 | 20.44 | 47.7% |
| 50 | Salt Lake City, UT | $9.81 | $546.90 | 13.94 | 9.0% |
| 51 | Rochester, NY | $3.44 | $240.60 | 17.49 | 12.0% |
| 52 | Grand Rapids-Wyoming, MI | $7.30 | $330.30 | 11.31 | 10.1% |
| 53 | Tucson, AZ | $9.71 | $383.30 | 9.87 | -12.0% |
| 54 | Urban Honolulu, HI | $5.81 | $1,060.70 | 45.66 | -11.1% |
| 55 | Tulsa, OK | $4.85 | $262.00 | 13.49 | -20.0% |
| 56 | Fresno, CA | $5.58 | $420.00 | 18.83 | -5.3% |
| 57 | Bridgeport-Stamford-Norwalk, CT | $7.09 | $722.40 | 25.48 | 19.5% |
| 58 | Worcester, MA-CT | $4.77 | $452.00 | 23.67 | 58.1% |
| 59 | Albuquerque, NM | $7.73 | $361.40 | 11.69 | 7.8% |
| 60 | Omaha-Council Bluffs, NE-IA | $4.66 | $297.50 | 15.95 | 5.8% |
| 61 | Albany-Schenectady-Troy, NY | $4.44 | $296.30 | 16.68 | 4.4% |
| 62 | New Haven-Milford, CT | $5.40 | $365.80 | 16.94 | 25.9% |
| 63 | Bakersfield, CA | $7.05 | $371.90 | 13.18 | 4.9% |
| 64 | Knoxville, TN | $5.88 | $342.40 | 14.55 | 3.6% |
| 65 | Greenville-Anderson-Mauldin, SC | $6.08 | $333.90 | 13.74 | -9.4% |
| 66 | Oxnard-Thousand Oaks-Ventura, CA | $7.82 | $904.90 | 28.92 | -1.9% |
| 67 | El Paso, TX | $5.64 | $221.80 | 9.83 | 15.0% |
| 68 | Allentown-Bethlehem-Easton, PA-NJ | $4.90 | $330.70 | 16.87 | 14.1% |
| 69 | Baton Rouge, LA | $5.72 | $268.60 | 11.73 | -18.7% |
| 70 | McAllen-Edinburg-Mission, TX | NA | NA | NA | #VALUE! |
| 71 | Dayton, OH | $5.82 | $234.80 | 10.09 | 2.3% |
| 72 | Columbia, SC | $4.62 | $277.60 | 15.02 | 6.8% |
| 73 | Greensboro-High Point, NC | $5.28 | $287.00 | 13.58 | 4.6% |
| 74 | North Port-Sarasota-Bradenton, FL | $7.54 | $525.00 | 17.4 | -6.6% |
| 75 | Little Rock-North Little Rock-Conway, AR | $3.54 | $212.60 | 15.02 | -5.0% |
| 76 | Stockton-Lodi, CA | $12.01 | NA | NA | #VALUE! |
| 77 | Akron, OH | $7.19 | $206.00 | 7.16 | 25.2% |
| 78 | Charleston-North Charleston, SC | $9.14 | $430.20 | 11.76 | 6.0% |
| 79 | Colorado Springs, CO | $10.46 | $467.10 | 11.17 | -3.6% |
| 80 | Syracuse, NY | $4.29 | $211.60 | 12.33 | 5.0% |
| 81 | Winston-Salem, NC | $4.39 | $292.20 | 16.63 | 5.1% |
| 82 | Cape Coral-Fort Myers, FL | $8.11 | $439.00 | 13.54 | -18.0% |
| 83 | Boise City, ID | $9.05 | $480.80 | 13.28 | 20.2% |
| 84 | Wichita, KS | $4.17 | $220.70 | 13.22 | -45.9% |
| 85 | Springfield, MA | NA | $336.00 | NA | #VALUE! |
| 86 | Madison, WI | $5.83 | $429.20 | 18.42 | 4.0% |
| 87 | Lakeland-Winter Haven, FL | $4.46 | $335.90 | 18.81 | -10.9% |
| 88 | Ogden-Clearfield, UT | $8.74 | $485.60 | 13.9 | -4.4% |
| 89 | Toledo, OH | $3.78 | $177.20 | 11.73 | 34.8% |
| 90 | Deltona-Daytona Beach-Ormond Beach, FL | $7.75 | $355.00 | 11.45 | -11.3% |
| 91 | Des Moines-West Des Moines, IA | $10.03 | $296.60 | 7.39 | 3.2% |
| 92 | Jackson, MS | $4.00 | $240.80 | 15.07 | -3.5% |
| 93 | Augusta-Richmond County, GA-SC | $4.64 | NA | NA | #VALUE! |
| 94 | Scranton–Wilkes-Barre–Hazleton, PA | NA | NA | NA | #VALUE! |
| 95 | Youngstown-Warren-Boardman, OH-PA | $5.81 | $157.30 | 6.76 | #VALUE! |
| 96 | Harrisburg-Carlisle, PA | $6.43 | $250.70 | 9.75 | 13.1% |
| 97 | Provo-Orem, UT | $10.26 | $520.30 | 12.68 | 12.0% |
| 98 | Palm Bay-Melbourne-Titusville, FL | $6.33 | $360.00 | 14.23 | -9.1% |
| 99 | Chattanooga, TN-GA | $5.94 | $297.40 | 12.52 | -11.5% |
| 100 | Spokane-Spokane Valley, WA | $12.28 | $424.40 | 8.64 | -0.7% |
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 2022, Q3 2022, Q2 2022, Q1 2022, Q4 2021.