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Cost efficiency wise, it was another great quarter for realtors generating real estate buyer leads on Google. For the third consecutive quarter, home buyer lead costs on Google Ads declined year-over-year in Q2 2024 for CINC's portfolio of real estate clients.
The cost per lead in the 2nd quarter of 2024 was a hearty 9% lower than the 2nd quarter of 2023.
The results were particularly strong for CINC clients compared to other peers in the real estate market also advertising on Google.
Sixteen of the top 20 cities had improved buyer lead costs year over year. For the largest cities, St. Louis again had the lowest cost per lead and Atlanta was second. And for the second straight quarter, none of the top 20 largest cities had a cost per lead (CPL) greater than $10 a lead. Looking at small cities, the newest entrant to the Top 3 lowest CPLs was Beaumont, Texas. Bangor, Maine and Salina, Kansas also rounded out the Top 3.
Based on preliminary data we are seeing, we have a continued optimistic outlook for the rest of Q3 where we expect to see our fourth consecutive quarter of year-over-year declines in real estate buyer lead costs.
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 2024. 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.
Large Markets with Largest Real Estate Lead Cost Declines for Buyers on Google
Dallas, Texas (with a lead cost decline of 15%) saw the second largest buyer cost per lead decline year-over-year for the largest markets in Q2 2024.
State Fair of Texas in Dallas, Texas.
West Coast market dominated the rest of the Top 4 for lead cost declines in big markets with San Francisco (#1), Seattle (#3), and Portland (#4) all seeing declines of more than 14%.
| Market Rank | Market | Q2 2024 Cost Per Lead (CPL) | % Change Year-Over-year |
| 1 | San Francisco-Oakland-Hayward, CA | $9.89 | -25% |
| 2 | Dallas-Fort Worth-Arlington, TX | $6.04 | -15% |
| 3 | Seattle-Tacoma-Bellevue, WA | $9.84 | -14% |
| 4 | Portland-Vancouver-Hillsboro, OR-WA | $8.28 | -14% |
| 5 | Washington-Arlington-Alexandria, DC-VA-MD-WV | $7.40 | -13% |
| 6 | Los Angeles-Long Beach-Anaheim, CA | $8.66 | -13% |
| 7 | Atlanta-Sandy Springs-Roswell, GA | $5.53 | -12% |
| 8 | Pittsburgh, PA | $5.02 | -12% |
| 9 | San Diego-Carlsbad, CA | $8.50 | -11% |
| 10 | Minneapolis-St. Paul-Bloomington, MN-WI | $8.01 | -11% |
Largest Real Estate Lead Cost Declines for Buyers on Google for Top 100 Markets
Youngstown, Ohio (76% lead cost decline) saw the largest overall real estate buyer lead cost decline year-over-year.
Lanterman's Mill in Youngstown, Ohio.
The South was well-reperesented in the Top 10, with 4 of the top 8 markets that saw the largest year-over-year decreases in lead cost in Q1 2024 were in California in Oxnard, Stockton, and San Jose.
| Market Rank | Market | Q2 2024 Cost Per Lead (CPL) | % Change Year-Over-year |
| 1 | Youngstown-Warren-Boardman, OH-PA | $ 3.31 | -76% |
| 2 | El Paso, TX | $ 3.22 | -75% |
| 3 | New Haven-Milford, CT | $ 3.39 | -59% |
| 4 | Spokane-Spokane Valley, WA | $ 8.22 | -49% |
| 5 | Augusta-Richmond County, GA-SC | $ 3.27 | -42% |
| 6 | Des Moines-West Des Moines, IA | $ 7.07 | -42% |
| 7 | Syracuse, NY | $ 3.05 | -41% |
| 8 | Memphis, TN-MS-AR | $ 3.93 | -38% |
| 9 | Chattanooga, TN-GA | $ 4.34 | -37% |
| 10 | Oxnard-Thousand Oaks-Ventura, CA | $ 5.77 | -36% |
Lowest Real Estate Lead Cost Markets for Buyers on Google
Bangor, Maine had the lowest real estate buyer lead cost in Q2 2024 with a very low $1.33 cost per lead.
Penobscot Bridge in Bangor, Maine.
The 3 new entrants into the lowest real estate lead cost markets were located in: Jefferson City, MO (ranked #7), Fergus Falls, MN (ranked #8), and Warner Robins, GA (#10).
| Market Rank | Market | Q2 2024 Cost Per Lead (CPL) |
| 1 | Bangor, ME | $1.33 |
| 2 | Salina, KS | $1.59 |
| 3 | Beaumont-Port Arthur, TX | $1.97 |
| 4 | Pittsfield, MA | $2.10 |
| 5 | Murray, KY | $2.27 |
| 6 | Sioux City, IA-NE-SD | $2.33 |
| 7 | Jefferson City, MO | $2.35 |
| 8 | Fergus Falls, MN | $2.36 |
| 9 | Hot Springs, AR | $2.42 |
| 10 | Warner Robins, GA | $2.53 |
Real Estate Lead Cost for Buyers on Google for Top 100 Markets
|
Rank |
Market |
Q2 2024 Cost Per Lead (CPL) | % Change Year-Over-Year |
|
1 |
New York-Newark-Jersey City, NY-NJ-PA |
$7.38 | -2% |
|
2 |
$8.66 | -15% | |
|
3 |
Chicago-Naperville-Elgin, IL-IN-WI |
$5.65 | -1% |
|
4 |
Dallas-Fort Worth-Arlington, TX |
$6.04 | -17% |
|
5 |
Houston-The Woodlands-Sugar Land, TX |
$5.71 | 5% |
|
6 |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
$5.73 | -3% |
|
7 |
Washington-Arlington-Alexandria, DC-VA-MD-WV |
$7.40 | -16% |
|
8 |
$7.71 | 8% | |
|
9 |
Atlanta-Sandy Springs-Roswell, GA |
$5.53 | -14% |
|
10 |
Boston-Cambridge-Newton, MA-NH |
$6.77 | 1% |
|
11 |
$9.89 | -33% | |
|
12 |
$8.16 | -7% | |
|
13 |
Phoenix-Mesa-Scottsdale, AZ |
$9.22 | -4% |
|
14 |
Detroit-Warren-Dearborn, MI |
$6.96 | -5% |
|
15 |
Seattle-Tacoma-Bellevue, WA |
$9.84 | -17% |
|
16 |
Minneapolis-St. Paul-Bloomington, MN-WI |
$8.01 | -12% |
|
17 |
$8.50 | -12% | |
|
18 |
$6.34 | 6% | |
|
19 |
St. Louis, MO-IL |
$4.52 | 0% |
|
20 |
Baltimore-Columbia-Towson, MD |
$6.26 | -4% |
|
21 |
Denver-Aurora-Lakewood, CO |
$11.29 | 4% |
|
22 |
Pittsburgh, PA |
$5.02 | -14% |
|
23 |
Charlotte-Concord-Gastonia, NC-SC |
$6.35 | 11% |
|
24 |
Portland-Vancouver-Hillsboro, OR-WA |
$8.28 | -17% |
|
25 |
San Antonio-New Braunfels, TX |
$5.80 | 10% |
|
26 |
$5.65 | -8% | |
|
27 |
$8.34 | -16% | |
|
28 |
Cincinnati, OH-KY-IN |
$4.35 | -28% |
|
29 |
Cleveland-Elyria, OH |
$5.38 | -28% |
|
30 |
Kansas City, MO-KS |
$5.24 | -12% |
|
31 |
Las Vegas-Henderson-Paradise, NV |
$9.73 | 4% |
|
32 |
Columbus, OH |
$6.39 | 13% |
|
33 |
Indianapolis-Carmel-Anderson, IN |
$5.05 | -1% |
|
34 |
$10.83 | -7% | |
|
35 |
Austin-Round Rock, TX |
$8.12 | -4% |
|
36 |
Nashville-Davidson--Murfreesboro--Franklin, TN |
$7.65 | -6% |
|
37 |
Virginia Beach-Norfolk-Newport News, VA-NC |
$7.31 | 7% |
|
38 |
Providence-Warwick, RI-MA |
$6.33 | 10% |
|
39 |
Milwaukee-Waukesha-West Allis, WI |
$5.34 | -6% |
|
40 |
$5.54 | -15% | |
|
41 |
Memphis, TN-MS-AR |
$3.93 | -38% |
|
42 |
Oklahoma City, OK |
$6.10 | 6% |
|
43 |
Louisville/Jefferson County, KY-IN |
$4.02 | -34% |
|
44 |
Richmond, VA |
$8.15 | 13% |
|
45 |
New Orleans-Metairie, LA |
$2.71 | -31% |
|
46 |
Hartford-West Hartford-East Hartford, CT |
$4.58 | -27% |
|
47 |
Raleigh, NC |
$7.64 | 2% |
|
48 |
Birmingham-Hoover, AL |
$4.26 | -17% |
|
49 |
Buffalo-Cheektowaga-Niagara Falls, NY |
$4.40 | 34% |
|
50 |
Salt Lake City, UT |
$9.16 | -7% |
|
Rank |
Market |
Q2 2024 Cost Per Lead (CPL) | % Change Year-Over-Year |
|
51 |
Rochester, NY |
$3.74 | 8% |
|
52 |
Grand Rapids-Wyoming, MI |
$6.97 | -5% |
|
53 |
Tucson, AZ |
$8.81 | -10% |
|
54 |
Urban Honolulu, HI |
$4.78 | -22% |
|
55 |
Tulsa, OK |
$4.23 | -15% |
|
56 |
$4.32 | -29% | |
|
57 |
Bridgeport-Stamford-Norwalk, CT |
$5.91 | -20% |
|
58 |
Worcester, MA-CT |
$10.60 | 55% |
|
59 |
Albuquerque, NM |
$7.34 | -5% |
|
60 |
Omaha-Council Bluffs, NE-IA |
$4.06 | -15% |
|
61 |
Albany-Schenectady-Troy, NY |
$3.46 | -28% |
|
62 |
New Haven-Milford, CT |
$3.39 | -59% |
|
63 |
$5.94 | -19% | |
|
64 |
Knoxville, TN |
$5.98 | 2% |
|
65 |
Greenville-Anderson-Mauldin, SC |
$5.11 | -19% |
|
66 |
$5.77 | -36% | |
|
67 |
El Paso, TX |
$3.22 | -75% |
|
68 |
Allentown-Bethlehem-Easton, PA-NJ |
$5.70 | 14% |
|
69 |
Baton Rouge, LA |
$4.58 | -25% |
|
70 |
McAllen-Edinburg-Mission, TX |
$4.91 | #VALUE! |
|
71 |
Dayton, OH |
$5.66 | -3% |
|
72 |
Columbia, SC |
$3.47 | -33% |
|
73 |
Greensboro-High Point, NC |
$4.26 | -24% |
|
74 |
$7.74 | 3% | |
|
75 |
Little Rock-North Little Rock-Conway, AR |
$3.30 | -7% |
|
76 |
$10.72 | -12% | |
|
77 |
Akron, OH |
$6.42 | -12% |
|
78 |
Charleston-North Charleston, SC |
$9.05 | -1% |
|
79 |
Colorado Springs, CO |
$8.60 | -22% |
|
80 |
Syracuse, NY |
$3.05 | -41% |
|
81 |
Winston-Salem, NC |
$4.57 | 4% |
|
82 |
$9.07 | 11% | |
|
83 |
Boise City, ID |
$9.16 | 1% |
|
84 |
Wichita, KS |
$4.62 | 10% |
|
85 |
Springfield, MA |
NA | #VALUE! |
|
86 |
Madison, WI |
$6.07 | 4% |
|
87 |
$4.58 | 3% | |
|
88 |
Ogden-Clearfield, UT |
$8.46 | -3% |
|
89 |
Toledo, OH |
NA | #VALUE! |
|
90 |
$6.80 | -14% | |
|
91 |
Des Moines-West Des Moines, IA |
$7.07 | -42% |
|
92 |
Jackson, MS |
$3.42 | -17% |
|
93 |
Augusta-Richmond County, GA-SC |
$3.27 | -42% |
|
94 |
Scranton–Wilkes-Barre–Hazleton, PA |
NA | #VALUE! |
|
95 |
Youngstown-Warren-Boardman, OH-PA |
$3.31 | -76% |
|
96 |
Harrisburg-Carlisle, PA |
$4.81 | -34% |
|
97 |
Provo-Orem, UT |
$8.45 | -21% |
|
98 |
$6.95 | 9% | |
|
99 |
Chattanooga, TN-GA |
$4.34 | -37% |
|
100 |
Spokane-Spokane Valley, WA |
$8.22 | -49% |
Additional Google Real Estate Lead Gen Resources from CINC:
With the real estate market shifting, 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 Buyer Cost Per Lead Reports for Q1 2024, Q4 2023, Q3 2023, Q2 2023, Q1 2023, Q4 2022, Q3 2022, Q2 2022, Q1 2022, Q4 2021, Q3 2021, Q2 2021, Q1 2021, Q4 2020, Q3 2020, Q2 2020, Q1 2020.