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Continuing a recent trend, the Google Real Estate Lead Value Index (LVI) declined for the second consecutive quarter (using data from CINC's portfolio of of real estate team and agent clients).
This decline was due to median home prices falling from their record highs in the second quarter and lead costs on Google increasing slightly (for more details on these trends, see our recent Q3 2022 Google buyer lead cost report and the seller lead cost report).
The third quarter Google Real Estate Lead Value Index was 16.38, down from 18.01 in the second quarter. A Google Real Estate Lead Value Index reading of 16.38 means that $1 in real estate lead generation spend leads to more than $16.38 in commissions. As a comparison, the Google Real Estate Lead Value Index hit a record high of 19.95 in the first quarter of 2022.
Using CINC's Q3 2022 Google Real Estate Buyer Cost Per Lead Report, Q3 2022 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.]
The median home price in Q3 2022 according to NAR was down to $398,500 and the Google buyer cost per lead increased slightly to $6.08 in the same period.
There was a shakeup in which markets have the highest Google Real Estate Lead Value Index (LVI) readings .
Boston climbed over San Francisco and San Diego to take the top spot. The real estate cost per lead in Boston improved in the 3rd quarter which caused its LVI to increase to 33.3 while the top California markets had increases in CPL and significant decreases in median home prices.
When the entire top 100 markets are considered, Honolulu remains the market with the top Lead Value Index market with a reading of over 50.
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 Q3 2022. 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.
Top 10 Large Markets with Highest Google Real Estate Lead Value Index Readings
Largest US markets with the highest Google Real Estate Lead Value Index readings in Q3 2022.
| LVI Rank | Market | Google Real Estate Lead Value Index (LVI) |
| 1 | Boston-Cambridge-Newton, MA-NH | 33.3 |
| 2 | San Francisco-Oakland-Hayward, CA | 28.2 |
| 3 | New York-Newark-Jersey City, NY-NJ-PA | 28 |
| 4 | Los Angeles-Long Beach-Anaheim, CA | 27.6 |
| 5 | San Diego-Carlsbad, CA | 26.7 |
| 6 | Miami-Fort Lauderdale-West Palm Beach, FL | 22.7 |
| 7 | Washington-Arlington-Alexandria, DC-VA-MD-WV | 20.1 |
| 8 | Baltimore-Columbia-Towson, MD | 20 |
| 9 | Chicago-Naperville-Elgin, IL-IN-WI | 19.5 |
| 10 | Houston-The Woodlands-Sugar Land, TX | 19.3 |
Real Estate Lead Value Index Readings for Top 100 Markets
Real Estate Lead Value Index readings for Top 100 Markets in Q3 2022.
| 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) |
| 1 | New York-Newark-Jersey City, NY-NJ-PA | $5.61 | $627.40 | 28 |
| 2 | Los Angeles-Long Beach-Anaheim, CA | $8.10 | $893.20 | 27.6 |
| 3 | Chicago-Naperville-Elgin, IL-IN-WI | $4.49 | $349.40 | 19.5 |
| 4 | Dallas-Fort Worth-Arlington, TX | $6.46 | $390.10 | 15.1 |
| 5 | Houston-The Woodlands-Sugar Land, TX | $4.54 | $349.50 | 19.3 |
| 6 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $4.79 | $349.20 | 18.2 |
| 7 | Washington-Arlington-Alexandria, DC-VA-MD-WV | $7.24 | $581.30 | 20.1 |
| 8 | Miami-Fort Lauderdale-West Palm Beach, FL | $6.28 | $570.00 | 22.7 |
| 9 | Atlanta-Sandy Springs-Roswell, GA | $5.07 | $371.20 | 18.3 |
| 10 | Boston-Cambridge-Newton, MA-NH | $5.25 | $698.90 | 33.3 |
| 11 | San Francisco-Oakland-Hayward, CA | $11.51 | $1,300.00 | 28.2 |
| 12 | Riverside-San Bernardino-Ontario, CA | $8.21 | $567.00 | 17.3 |
| 13 | Phoenix-Mesa-Scottsdale, AZ | $9.74 | $474.40 | 12.2 |
| 14 | Detroit-Warren-Dearborn, MI | $5.47 | $266.00 | 12.2 |
| 15 | Seattle-Tacoma-Bellevue, WA | $10.64 | $741.30 | 17.4 |
| 16 | Minneapolis-St. Paul-Bloomington, MN-WI | $6.62 | $381.10 | 14.4 |
| 17 | San Diego-Carlsbad, CA | $8.43 | $900.00 | 26.7 |
| 18 | Tampa-St. Petersburg-Clearwater, FL | $5.49 | $405.10 | 18.5 |
| 19 | St. Louis, MO-IL | $3.58 | $256.80 | 17.9 |
| 20 | Baltimore-Columbia-Towson, MD | $4.88 | $390.60 | 20 |
| 21 | Denver-Aurora-Lakewood, CO | $8.64 | $666.00 | 19.3 |
| 22 | Pittsburgh, PA | $4.71 | NA | NA |
| 23 | Charlotte-Concord-Gastonia, NC-SC | $5.10 | $400.60 | 19.6 |
| 24 | Portland-Vancouver-Hillsboro, OR-WA | $7.73 | $594.30 | 19.2 |
| 25 | San Antonio-New Braunfels, TX | $4.69 | $342.70 | 18.3 |
| 26 | Orlando-Kissimmee-Sanford, FL | $5.72 | $425.00 | 18.6 |
| 27 | Sacramento--Roseville--Arden-Arcade, CA | $8.69 | $535.00 | 15.4 |
| 28 | Cincinnati, OH-KY-IN | $4.38 | $268.40 | 15.3 |
| 29 | Cleveland-Elyria, OH | $5.67 | $227.70 | 10 |
| 30 | Kansas City, MO-KS | $5.02 | $314.50 | 15.7 |
| 31 | Las Vegas-Henderson-Paradise, NV | $8.99 | $463.50 | 12.9 |
| 32 | Columbus, OH | $4.60 | $312.10 | 17 |
| 33 | Indianapolis-Carmel-Anderson, IN | $4.57 | $301.40 | 16.5 |
| 34 | San Jose-Sunnyvale-Santa Clara, CA | $11.11 | $1,688.00 | 38 |
| 35 | Austin-Round Rock, TX | $7.56 | $541.60 | 17.9 |
| 36 | Nashville-Davidson--Murfreesboro--Franklin, TN | $7.10 | $408.30 | 14.4 |
| 37 | Virginia Beach-Norfolk-Newport News, VA-NC | $7.09 | $327.30 | 11.5 |
| 38 | Providence-Warwick, RI-MA | $5.32 | $453.80 | 21.3 |
| 39 | Milwaukee-Waukesha-West Allis, WI | $4.60 | $358.30 | 19.5 |
| 40 | Jacksonville, FL | $5.70 | $398.00 | 17.5 |
| 41 | Memphis, TN-MS-AR | $3.91 | $276.70 | 17.7 |
| 42 | Oklahoma City, OK | $4.59 | $235.30 | 12.8 |
| 43 | Louisville/Jefferson County, KY-IN | $5.33 | $263.80 | 12.4 |
| 44 | Richmond, VA | $4.98 | $384.40 | 19.3 |
| 45 | New Orleans-Metairie, LA | $3.40 | $278.90 | 20.5 |
| 46 | Hartford-West Hartford-East Hartford, CT | $3.87 | $344.10 | 22.2 |
| 47 | Raleigh, NC | $6.14 | $460.50 | 18.7 |
| 48 | Birmingham-Hoover, AL | $3.31 | $308.00 | 23.3 |
| 49 | Buffalo-Cheektowaga-Niagara Falls, NY | $1.76 | $243.80 | 34.6 |
| 50 | Salt Lake City, UT | $10.67 | $561.20 | 13.1 |
| 51 | Rochester, NY | $2.93 | $224.00 | 19.1 |
| 52 | Grand Rapids-Wyoming, MI | $5.62 | $309.60 | 13.8 |
| 53 | Tucson, AZ | $8.60 | $376.10 | 10.9 |
| 54 | Urban Honolulu, HI | $5.62 | $1,127.40 | 50.2 |
| 55 | Tulsa, OK | $3.67 | $246.50 | 16.8 |
| 56 | Fresno, CA | $4.80 | $410.00 | 21.3 |
| 57 | Bridgeport-Stamford-Norwalk, CT | $4.97 | $687.00 | 34.6 |
| 58 | Worcester, MA-CT | $7.33 | $431.00 | 14.7 |
| 59 | Albuquerque, NM | $7.25 | $339.50 | 11.7 |
| 60 | Omaha-Council Bluffs, NE-IA | $3.98 | $278.50 | 17.5 |
| 61 | Albany-Schenectady-Troy, NY | $3.22 | $295.40 | 23 |
| 62 | New Haven-Milford, CT | $3.60 | $354.80 | 24.7 |
| 63 | Bakersfield, CA | $5.91 | NA | NA |
| 64 | Knoxville, TN | $4.72 | $331.10 | 17.5 |
| 65 | Greenville-Anderson-Mauldin, SC | $4.10 | $335.40 | 20.4 |
| 66 | Oxnard-Thousand Oaks-Ventura, CA | $6.34 | NA | NA |
| 67 | El Paso, TX | $2.33 | $241.50 | 25.9 |
| 68 | Allentown-Bethlehem-Easton, PA-NJ | $4.62 | $314.80 | 17 |
| 69 | Baton Rouge, LA | $2.88 | $271.60 | 23.6 |
| 70 | McAllen-Edinburg-Mission, TX | $1.65 | NA | NA |
| 71 | Dayton, OH | $4.10 | $224.20 | 13.7 |
| 72 | Columbia, SC | $3.84 | $278.00 | 18.1 |
| 73 | Greensboro-High Point, NC | $4.53 | $278.90 | 15.4 |
| 74 | North Port-Sarasota-Bradenton, FL | $6.65 | $513.70 | 19.3 |
| 75 | Little Rock-North Little Rock-Conway, AR | $3.27 | $211.70 | 16.2 |
| 76 | Stockton-Lodi, CA | $9.47 | NA | NA |
| 77 | Akron, OH | $6.24 | $215.50 | 8.6 |
| 78 | Charleston-North Charleston, SC | $8.94 | $416.80 | 11.7 |
| 79 | Colorado Springs, CO | $9.32 | $462.20 | 12.4 |
| 80 | Syracuse, NY | $3.40 | $208.10 | 15.3 |
| 81 | Winston-Salem, NC | $3.77 | $283.00 | 18.8 |
| 82 | Cape Coral-Fort Myers, FL | $7.61 | $420.00 | 13.8 |
| 83 | Boise City, ID | $9.65 | $483.80 | 12.5 |
| 84 | Wichita, KS | $3.32 | $220.20 | 16.6 |
| 85 | Springfield, MA | NA | $324.60 | NA |
| 86 | Madison, WI | $5.39 | $397.90 | 18.5 |
| 87 | Lakeland-Winter Haven, FL | $3.48 | $340.00 | 24.4 |
| 88 | Ogden-Clearfield, UT | $7.38 | $479.20 | 16.2 |
| 89 | Toledo, OH | $5.51 | $175.20 | 8 |
| 90 | Deltona-Daytona Beach-Ormond Beach, FL | $6.09 | $358.90 | 14.7 |
| 91 | Des Moines-West Des Moines, IA | $7.66 | $281.70 | 9.2 |
| 92 | Jackson, MS | $2.85 | $246.00 | 21.6 |
| 93 | Augusta-Richmond County, GA-SC | $3.86 | NA | NA |
| 94 | Scranton–Wilkes-Barre–Hazleton, PA | NA | NA | NA |
| 95 | Youngstown-Warren-Boardman, OH-PA | NA | $148.00 | NA |
| 96 | Harrisburg-Carlisle, PA | $5.82 | $247.80 | 10.6 |
| 97 | Provo-Orem, UT | $10.31 | NA | NA |
| 98 | Palm Bay-Melbourne-Titusville, FL | $5.77 | $368.50 | 16 |
| 99 | Chattanooga, TN-GA | $4.44 | $293.60 | 16.5 |
| 100 | Spokane-Spokane Valley, WA | $10.39 | $422.50 | 10.2 |
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 Q2 2022, Q1 2022, Q4 2021.