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The Google Real Estate Lead Value Index (LVI) continued to normalize back to its pre-pandemic trend in Q4 2022 (using data from CINC's portfolio of of real estate team and agent clients).
The return on online real estate advertising was still 22% higher in Q4 2022 compared to data prior to the pandemic.
The overall Lead Value Index (LVI) was 12.87 in Q4 2022, down from 16.38 in the 3rd quarter. However, the 12.87 LVI reading was still up significantly from the 10.51 pre-pandemic LVI reading 5 years ago.
The median home price in the fourth quarter was $378,700 and the buyer CPL was $7.37. The LVI means that $1 in real estate lead generation leads to more than $12.87 in commissions.
Taking a longer-term view of LVI trends, the resiliency in the return on online real estate advertising continues to be exceptionally strong.
This shorter-term decline quarter-over-quarter in the LVI reading was attributed to typical seasonality of higher online real estate lead costs in Q4 versus Q3 as well. Slowdowns in home price appreciation and lower real estate lead search volumes also contributed to these shorter-term declines as well (for more details on related trends, see our recent Google buyer lead cost report and the seller lead cost report).
The median home price in the fourth quarter was $378,700 according to NAR and the Google buyer lead cost was $7.37.
Using CINC's Q4 2022 Google Real Estate Buyer Cost Per Lead Report, Q4 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.]
There was a repeat at the top of the chart with Boston having the highest LVI of major markets. Boston was followed by a trio of California markets: San Francisco, Los Angeles, 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 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.
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 2022.
Louisiana had two markets in the Top 5 of percentage gains. The other 3 markets with highest percentage gains were all in the Midwest.
Wichita, Kansas had the highest LVI percentage gain as Google Buyer lead costs continue to drop year-over-year while median home price growth was still a hot 9%. This is related to Wichita's current 1.2 monthly supply of homes for sale continuing well below the national average.
| 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 | Wichita, KS | $3.27 | $210.10 | 16.1 | 28% |
| 2 | Baton Rouge, LA | $3.63 | $267.10 | 18.4 | 26% |
| 3 | Madison, WI | $5.96 | $380.00 | 15.9 | 16% |
| 4 | New Orleans-Metairie, LA | $3.54 | $275.90 | 19.5 | 11% |
| 5 | Tulsa, OK | $4.04 | $239.30 | 14.8 | 10% |
Markets with Largest Percentage Declines in Google Real Estate Lead Value Index (LVI) Readings
US markets with the largest percentage declines in CINC's Google Real Estate Lead Value Index readings in Q4 2022.
3 of the Top 5 markets with the largest declines were located in the South (Florida, Texas, and Mississippi).
Austin, Texas was particularly notable in that it was the only market in the Top 5 largest LVI percentage declines with a median home price above the overall national median. A recent Zillow report shows homes in Austin are spending more time on market (68 days) compared to any other major metro nationwide.
| 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 | Palm Bay-Melbourne-Titusville, FL | $6.76 | $355.00 | 13.1 | -47% |
| 2 | Harrisburg-Carlisle, PA | $7.40 | $237.00 | 8 | -46% |
| 3 | Des Moines-West Des Moines, IA | $10.08 | $261.00 | 6.5 | -38% |
| 4 | Austin-Round Rock, TX | $8.70 | $478.90 | 13.8 | -38% |
| 5 | Jackson, MS | $4.38 | $227.50 | 13 | -37% |
Lower Home Price Markets with Highest 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 CINC's Google Real Estate Lead Value Index readings in Q4 2022.
The Top 2 lower homer price markets with the highest LVI readings were both located in Louisiana (New Orleans and Baton Rouge). Baton Rouge and Louisiana home prices are benefiting from continued strong inbound move rates of +3.8% (Baton Rouge) and 1.3% (New Orleans) in 2022 (according to NAR analysis of USPS data) and continued low Google real estate buyer costs.
The Midwest was also well represented with both Wichita, Kansas and Omaha, Nebraska in the Top 5 of lower 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 | New Orleans-Metairie, LA | $3.54 | $275.90 | 19.5 | 11% |
| 2 | Baton Rouge, LA | $3.63 | $267.10 | 18.4 | 26% |
| 3 | Albany-Schenectady-Troy, NY | $3.77 | $275.90 | 18.3 | -3% |
| 4 | Wichita, KS | $3.27 | $210.10 | 16.1 | 28% |
| 5 | Omaha-Council Bluffs, NE-IA | $4.18 | $267.20 | 16 | -8% |
Moderate Home Price Markets with Highest Google Real Estate Lead Value Index (LVI) Readings
US markets with median home prices within 25% of NAR's median home price with highest CINC's Google Real Estate Lead Value Index readings in Q4 2022.
3 of the Top 5 moderate home price markets with the highest LVI readings were located in the South (Florida, Texas, and North Carolina).
The other 2 markets rounding out the Top 5 were both located in the North (Chicago, Illinois and Hartford, Connecticut).
Among big cities, Chicago was notable in that there was not as much air pumped into it's prices during the post-pandemic boom. As such, its prices have been more stable during recent market shifts compared to other markets that might have been more over-priced. Coupled with stable Google buyer lead costs, Chicago's LVI stayed more stable in Q4 compared to other moderately priced 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 | Lakeland-Winter Haven, FL | $4.73 | $338.30 | 17.9 | -21% |
| 2 | San Antonio-New Braunfels, TX | $5.04 | $329.80 | 16.4 | -15% |
| 3 | Chicago-Naperville-Elgin, IL-IN-WI | $4.98 | $323.20 | 16.2 | -6% |
| 4 | Hartford-West Hartford-East Hartford, CT | $4.98 | $318.20 | 16 | -15% |
| 5 | Winston-Salem, NC | $4.48 | $285.20 | 15.9 | -15% |
Higher Home Price Markets with Highest Google Real Estate Lead Value Index (LVI) Readings
US markets with median home prices greater than 25% of NAR's median home price (excluding markets with median home prices greater than $1 million) with highest CINC's Google Real Estate Lead Value Index readings in Q4 2022.
4 of the Top 5 higher home price markets were either in or nearby the nation's two most populous cities (New York City and Los Angeles).
Boston, Massachusetts had the highest LVI reading of 26.1. The Boston market continues to benefit from higher inventory year-over-year with recent data showing a 1.7% increase in newly listed homes.
| 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 | Boston-Cambridge-Newton, MA-NH | $6.31 | $657.90 | 26.1 | -14% |
| 2 | Bridgeport-Stamford-Norwalk, CT | $6.73 | $621.10 | 23.1 | -27% |
| 3 | Los Angeles-Long Beach-Anaheim, CA | $9.64 | $829.10 | 21.5 | -21% |
| 4 | San Diego-Carlsbad, CA | $10.25 | $857.00 | 20.9 | -13% |
| 5 | New York-Newark-Jersey City, NY-NJ-PA | $7.47 | $594.30 | 19.9 | -24% |
Million Dollar Home Price Markets with Highest Google Real Estate Lead Value Index (LVI) Readings
US markets with median home prices greater than $1 million with highest CINC's Google Real Estate Lead Value Index readings in Q4 2022.
Honolulu's Google Lead Value Index reading continued to outpace the Silicon Valley markets (San Francisco and San Jose) as median home prices fell year-over-year in Silicon Valley while continuing to grow in Honolulu. Even with higher Google buyer lead costs, LVI's of these high end markets continue to outpace other 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 | Urban Honolulu, HI | $6.58 | $1,090.20 | 41.4 | -21% |
| 2 | San Jose-Sunnyvale-Santa Clara, CA | $11.86 | $1,577.50 | 33.3 | -14% |
| 3 | San Francisco-Oakland-Hayward, CA | $13.02 | $1,230.00 | 23.6 | -17% |
Real Estate Lead Value Index Readings for Top 100 Markets
Real Estate Lead Value Index readings for Top 100 Markets in Q4 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) | LVI % Change Year- Over- Year |
| 1 | New York-Newark-Jersey City, NY-NJ-PA | $7.47 | $594.30 | 19.9 | -24% |
| 2 | Los Angeles-Long Beach-Anaheim, CA | $9.64 | $829.10 | 21.5 | -21% |
| 3 | Chicago-Naperville-Elgin, IL-IN-WI | $4.98 | $323.20 | 16.2 | -6% |
| 4 | Dallas-Fort Worth-Arlington, TX | $7.42 | $375.00 | 12.6 | -30% |
| 5 | Houston-The Woodlands-Sugar Land, TX | $5.56 | $337.90 | 15.2 | -17% |
| 6 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $6.04 | $329.50 | 13.6 | -23% |
| 7 | Washington-Arlington-Alexandria, DC-VA-MD-WV | $8.38 | $550.10 | 16.4 | -17% |
| 8 | Miami-Fort Lauderdale-West Palm Beach, FL | $7.34 | $550.00 | 18.7 | -22% |
| 9 | Atlanta-Sandy Springs-Roswell, GA | $6.06 | $353.30 | 14.6 | -22% |
| 10 | Boston-Cambridge-Newton, MA-NH | $6.31 | $657.90 | 26.1 | -14% |
| 11 | San Francisco-Oakland-Hayward, CA | $13.02 | $1,230.00 | 23.6 | -17% |
| 12 | Riverside-San Bernardino-Ontario, CA | $8.63 | $540.00 | 15.6 | -22% |
| 13 | Phoenix-Mesa-Scottsdale, AZ | $10.06 | $450.40 | 11.2 | -25% |
| 14 | Detroit-Warren-Dearborn, MI | $7.19 | $237.00 | 8.2 | -15% |
| 15 | Seattle-Tacoma-Bellevue, WA | $11.93 | $708.90 | 14.9 | -20% |
| 16 | Minneapolis-St. Paul-Bloomington, MN-WI | $8.45 | $365.60 | 10.8 | -20% |
| 17 | San Diego-Carlsbad, CA | $10.25 | $857.00 | 20.9 | -13% |
| 18 | Tampa-St. Petersburg-Clearwater, FL | $6.90 | $399.00 | 14.5 | -33% |
| 19 | St. Louis, MO-IL | $4.81 | $239.00 | 12.4 | -5% |
| 20 | Baltimore-Columbia-Towson, MD | $6.47 | $363.50 | 14 | -21% |
| 21 | Denver-Aurora-Lakewood, CO | $9.92 | $640.00 | 16.1 | -16% |
| 22 | Pittsburgh, PA | $5.47 | NA | NA | NA |
| 23 | Charlotte-Concord-Gastonia, NC-SC | $6.28 | $395.50 | 15.7 | -23% |
| 24 | Portland-Vancouver-Hillsboro, OR-WA | $9.23 | $567.50 | 15.4 | -20% |
| 25 | San Antonio-New Braunfels, TX | $5.04 | $329.80 | 16.4 | -15% |
| 26 | Orlando-Kissimmee-Sanford, FL | $6.65 | $422.70 | 15.9 | -18% |
| 27 | Sacramento--Roseville--Arden-Arcade, CA | $10.19 | $500.00 | 12.3 | -29% |
| 28 | Cincinnati, OH-KY-IN | $5.38 | $255.30 | 11.9 | -31% |
| 29 | Cleveland-Elyria, OH | $7.34 | $208.70 | 7.1 | -23% |
| 30 | Kansas City, MO-KS | $6.26 | $298.20 | 11.9 | -19% |
| 31 | Las Vegas-Henderson-Paradise, NV | $9.97 | $441.30 | 11.1 | -19% |
| 32 | Columbus, OH | $4.81 | $286.70 | 14.9 | -12% |
| 33 | Indianapolis-Carmel-Anderson, IN | $5.79 | $297.20 | 12.8 | 5% |
| 34 | San Jose-Sunnyvale-Santa Clara, CA | $11.86 | $1,577.50 | 33.3 | -14% |
| 35 | Austin-Round Rock, TX | $8.70 | $478.90 | 13.8 | -38% |
| 36 | Nashville-Davidson--Murfreesboro--Franklin, TN | $8.08 | $400.10 | 12.4 | -26% |
| 37 | Virginia Beach-Norfolk-Newport News, VA-NC | $8.59 | $305.40 | 8.9 | -16% |
| 38 | Providence-Warwick, RI-MA | $6.81 | $431.70 | 15.9 | -2% |
| 39 | Milwaukee-Waukesha-West Allis, WI | $5.29 | $335.00 | 15.8 | -14% |
| 40 | Jacksonville, FL | $7.05 | $386.00 | 13.7 | -21% |
| 41 | Memphis, TN-MS-AR | $5.20 | $254.00 | 12.2 | -34% |
| 42 | Oklahoma City, OK | $5.57 | $222.20 | 10 | -25% |
| 43 | Louisville/Jefferson County, KY-IN | $6.54 | $251.20 | 9.6 | -26% |
| 44 | Richmond, VA | $6.41 | $365.00 | 14.2 | -22% |
| 45 | New Orleans-Metairie, LA | $3.54 | $275.90 | 19.5 | 11% |
| 46 | Hartford-West Hartford-East Hartford, CT | $4.98 | $318.20 | 16 | -15% |
| 47 | Raleigh, NC | $7.41 | $431.00 | 14.5 | -36% |
| 48 | Birmingham-Hoover, AL | $4.84 | $295.70 | 15.3 | -33% |
| 49 | Buffalo-Cheektowaga-Niagara Falls, NY | $3.68 | $227.80 | 15.5 | -23% |
| 50 | Salt Lake City, UT | $11.72 | $524.80 | 11.2 | -19% |
| 51 | Rochester, NY | $3.63 | $202.70 | 14 | -19% |
| 52 | Grand Rapids-Wyoming, MI | $7.69 | $284.50 | 9.3 | -24% |
| 53 | Tucson, AZ | $9.71 | $368.20 | 9.5 | -31% |
| 54 | Urban Honolulu, HI | $6.58 | $1,090.20 | 41.4 | -21% |
| 55 | Tulsa, OK | $4.04 | $239.30 | 14.8 | 10% |
| 56 | Fresno, CA | $5.67 | $399.00 | 17.6 | -13% |
| 57 | Bridgeport-Stamford-Norwalk, CT | $6.73 | $621.10 | 23.1 | -27% |
| 58 | Worcester, MA-CT | $6.48 | $398.00 | 15.4 | 1% |
| 59 | Albuquerque, NM | $8.76 | $336.50 | 9.6 | -24% |
| 60 | Omaha-Council Bluffs, NE-IA | $4.18 | $267.20 | 16 | -8% |
| 61 | Albany-Schenectady-Troy, NY | $3.77 | $275.90 | 18.3 | -3% |
| 62 | New Haven-Milford, CT | $5.38 | $329.60 | 15.3 | -22% |
| 63 | Bakersfield, CA | $6.87 | NA | NA | NA |
| 64 | Knoxville, TN | $5.77 | $318.70 | 13.8 | -27% |
| 65 | Greenville-Anderson-Mauldin, SC | $5.30 | $318.80 | 15 | -17% |
| 66 | Oxnard-Thousand Oaks-Ventura, CA | $7.30 | NA | NA | NA |
| 67 | El Paso, TX | NA | $244.50 | NA | NA |
| 68 | Allentown-Bethlehem-Easton, PA-NJ | $6.01 | $299.80 | 12.5 | -13% |
| 69 | Baton Rouge, LA | $3.63 | $267.10 | 18.4 | 26% |
| 70 | McAllen-Edinburg-Mission, TX | NA | NA | NA | NA |
| 71 | Dayton, OH | $5.28 | $200.70 | 9.5 | -21% |
| 72 | Columbia, SC | $4.70 | $264.00 | 14 | 6% |
| 73 | Greensboro-High Point, NC | $5.45 | $276.10 | 12.7 | -21% |
| 74 | North Port-Sarasota-Bradenton, FL | $8.68 | $520.00 | 15 | -30% |
| 75 | Little Rock-North Little Rock-Conway, AR | $3.45 | $204.80 | 14.9 | -11% |
| 76 | Stockton-Lodi, CA | $9.76 | NA | NA | NA |
| 77 | Akron, OH | $7.50 | $192.30 | 6.4 | -35% |
| 78 | Charleston-North Charleston, SC | $11.27 | $416.70 | 9.2 | -12% |
| 79 | Colorado Springs, CO | $10.85 | $443.40 | 10.2 | -6% |
| 80 | Syracuse, NY | $4.17 | $197.90 | 11.9 | -21% |
| 81 | Winston-Salem, NC | $4.48 | $285.20 | 15.9 | -15% |
| 82 | Cape Coral-Fort Myers, FL | $6.79 | $414.30 | 15.3 | -13% |
| 83 | Boise City, ID | $11.67 | $457.80 | 9.8 | -33% |
| 84 | Wichita, KS | $3.27 | $210.10 | 16.1 | 28% |
| 85 | Springfield, MA | NA | $318.60 | NA | NA |
| 86 | Madison, WI | $5.96 | $380.00 | 15.9 | 16% |
| 87 | Lakeland-Winter Haven, FL | $4.73 | $338.30 | 17.9 | -21% |
| 88 | Ogden-Clearfield, UT | $8.42 | $453.50 | 13.5 | -9% |
| 89 | Toledo, OH | NA | $159.30 | NA | NA |
| 90 | Deltona-Daytona Beach-Ormond Beach, FL | $8.45 | $353.80 | 10.5 | -19% |
| 91 | Des Moines-West Des Moines, IA | $10.08 | $261.00 | 6.5 | -38% |
| 92 | Jackson, MS | $4.38 | $227.50 | 13 | -37% |
| 93 | Augusta-Richmond County, GA-SC | $4.83 | NA | NA | NA |
| 94 | Scranton–Wilkes-Barre–Hazleton, PA | NA | NA | NA | NA |
| 95 | Youngstown-Warren-Boardman, OH-PA | NA | $135.50 | NA | NA |
| 96 | Harrisburg-Carlisle, PA | $7.40 | $237.00 | 8 | -46% |
| 97 | Provo-Orem, UT | $12.82 | NA | NA | NA |
| 98 | Palm Bay-Melbourne-Titusville, FL | $6.76 | $355.00 | 13.1 | -47% |
| 99 | Chattanooga, TN-GA | $5.21 | $279.60 | 13.4 | -20% |
| 100 | Spokane-Spokane Valley, WA | $13.18 | $389.40 | 7.4 | -33% |
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.