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In terms of getting more bang for your buck, it was another great quarter for realtors generating real estate buyer leads on Google. For the fourth consecutive quarter, home buyer lead costs on Google Ads declined year-over-year in Q3 2024 for CINC's portfolio of real estate clients.
The cost per lead in the 3rd quarter of 2024 was a healthy 5% lower than the 3rd quarter of 2023.
And uncharacteristically, the cost per lead was even better in the third quarter than the second quarter this year. Because of seasonality, the cost per lead is usually better in the second quarter compared to the third quarter.
The results again were particularly strong for CINC clients compared to other peers in the real estate market also advertising on Google.
Fifteen of the largest 20 cities had improved buyer lead costs year-over-year. St. Louis again had the lowest cost per lead of largest cities. St. Louis has had the lowest CPL for large cities every quarter for over a year and this quarter extended its lead over the second place city. It was trailed by Chicago, Atlanta, and Philadelphia.
There is a repeat at the top of lowest lead costs cities when looking at all cities. The top markets overall were Bangor, Maine; Beaumont, TX; and Pittsfield, Mass.
With the beginning of interest rate cuts by the Fed in Q3 and more expected in Q4 and beyond, we have a continued optimistic outlook for real estate buyer lead costs in the coming quarters.
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 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
Pittsburgh, Pennsylvania (with a lead cost decline of 24%) saw the second largest buyer cost per lead decline year-over-year for the largest markets in Q3 2024.
Downtown Pittsburgh, PA.
West Coast markets of Seattle and San Francisco rounded out the Top 3 for lead cost declines in big markets with declines of more than 20%.
| Market Rank | Market | Q3 2024 Cost Per Lead (CPL) | % Change Year-Over-year |
| 1 | Pittsburgh, PA | $4.56 | -24% |
| 2 | Seattle-Tacoma-Bellevue, WA | $8.41 | -23% |
| 3 | San Francisco-Oakland-Hayward, CA | $9.36 | -21% |
| 4 | St. Louis, MO-IL | $3.94 | -17% |
| 5 | Washington-Arlington-Alexandria, DC-VA-MD-WV | $7.21 | -14% |
| 6 | Boston-Cambridge-Newton, MA-NH | $5.82 | -13% |
| 7 | Minneapolis-St. Paul-Bloomington, MN-WI | $7.30 | -13% |
| 8 | Detroit-Warren-Dearborn, MI | $6.27 | -9% |
| 9 | Portland-Vancouver-Hillsboro, OR-WA | $7.60 | -9% |
| 10 | Atlanta-Sandy Springs-Roswell, GA | $5.44 | -8% |
Largest Real Estate Lead Cost Declines for Buyers on Google for Top 100 Markets
Des Moines, Iowa (49% lead cost decline) saw the largest overall real estate buyer lead cost decline year-over-year.
Des Moines, Iowa.
Louisiana cities of New Orleans and Baton Rouge rounded out the Top 3 cities with the largest year-over-year decreases in lead cost in Q3 2024.
| Market Rank | Market | Q3 2024 Cost Per Lead (CPL) | % Change Year-Over-year |
| 1 | Des Moines-West Des Moines, IA | $4.73 | -49% |
| 2 | New Orleans-Metairie, LA | $2.51 | -44% |
| 3 | Baton Rouge, LA | $2.84 | -40% |
| 4 | Oxnard-Thousand Oaks-Ventura, CA | $4.67 | -36% |
| 5 | Spokane-Spokane Valley, WA | $7.77 | -34% |
| 6 | Albany-Schenectady-Troy, NY | $2.71 | -33% |
| 7 | Youngstown-Warren-Boardman, OH-PA | $2.93 | -32% |
| 8 | Harrisburg-Carlisle, PA | $4.64 | -29% |
| 9 | Pittsburgh, PA | $4.56 | -24% |
| 10 | El Paso, TX | $3.77 | -24% |
Lowest Real Estate Lead Cost Markets for Buyers on Google
Bangor, Maine ($1.28 lead cost) and Beaumont-Port Arthur, Texas ($1.77 lead cost) had the two lowest real estate buyer lead cost in Q3 2024.
Motiva Refinery in Port Arthur, Texas.
In addition to Beaumont-Port Arthur, Texas, the South was also well-represented in the Top 5 with Hot Springs, Arkansas and Morehead City, North Carolina.
| Market Rank | Market | Q3 2024 Cost Per Lead (CPL) |
| 1 | Bangor, ME | $1.28 |
| 2 | Beaumont-Port Arthur, TX | $1.77 |
| 3 | Pittsfield, MA | $1.78 |
| 4 | Hot Springs, AR | $1.79 |
| 5 | Morehead City, NC | $2.03 |
| 6 | Davenport-Moline-Rock Island, IA-IL | $2.12 |
| 7 | Kingston, NY | $2.12 |
| 8 | Sioux City, IA-NE-SD | $2.26 |
| 9 | Fergus Falls, MN | $2.32 |
| 10 | Warner Robins, GA | $2.42 |
Real Estate Lead Cost for Buyers on Google for Top 100 Markets
|
Rank |
Market |
Q3 2024 Cost Per Lead (CPL) | % Change Year-Over-Year |
|
1 |
New York-Newark-Jersey City, NY-NJ-PA |
$6.98 | -2% |
|
2 |
$9.06 | -7% | |
|
3 |
Chicago-Naperville-Elgin, IL-IN-WI |
$5.42 | 2% |
|
4 |
Dallas-Fort Worth-Arlington, TX |
$6.13 | -7% |
|
5 |
Houston-The Woodlands-Sugar Land, TX |
$5.59 | 6% |
|
6 |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
$5.56 | -3% |
|
7 |
Washington-Arlington-Alexandria, DC-VA-MD-WV |
$7.21 | -14% |
|
8 |
$9.04 | 20% | |
|
9 |
Atlanta-Sandy Springs-Roswell, GA |
$5.44 | -8% |
|
10 |
Boston-Cambridge-Newton, MA-NH |
$5.82 | -13% |
|
11 |
$9.36 | -21% | |
|
12 |
$8.78 | -1% | |
|
13 |
Phoenix-Mesa-Scottsdale, AZ |
$10.36 | 1% |
|
14 |
Detroit-Warren-Dearborn, MI |
$6.27 | -9% |
|
15 |
Seattle-Tacoma-Bellevue, WA |
$8.41 | -23% |
|
16 |
Minneapolis-St. Paul-Bloomington, MN-WI |
$7.30 | -13% |
|
17 |
$9.32 | 1% | |
|
18 |
$6.93 | 5% | |
|
19 |
St. Louis, MO-IL |
$3.94 | -17% |
|
20 |
Baltimore-Columbia-Towson, MD |
$6.19 | -3% |
|
21 |
Denver-Aurora-Lakewood, CO |
$10.49 | 8% |
|
22 |
Pittsburgh, PA |
$4.56 | -24% |
|
23 |
Charlotte-Concord-Gastonia, NC-SC |
$6.09 | 4% |
|
24 |
Portland-Vancouver-Hillsboro, OR-WA |
$7.60 | -9% |
|
25 |
San Antonio-New Braunfels, TX |
$6.34 | 4% |
|
26 |
$6.15 | -1% | |
|
27 |
$8.12 | -3% | |
|
28 |
Cincinnati, OH-KY-IN |
$4.55 | -11% |
|
29 |
Cleveland-Elyria, OH |
$5.74 | -12% |
|
30 |
Kansas City, MO-KS |
$5.16 | -18% |
|
31 |
Las Vegas-Henderson-Paradise, NV |
$10.04 | 2% |
|
32 |
Columbus, OH |
$6.49 | 21% |
|
33 |
Indianapolis-Carmel-Anderson, IN |
$5.60 | 14% |
|
34 |
$12.83 | -3% | |
|
35 |
Austin-Round Rock, TX |
$8.43 | 1% |
|
36 |
Nashville-Davidson--Murfreesboro--Franklin, TN |
$7.74 | -2% |
|
37 |
Virginia Beach-Norfolk-Newport News, VA-NC |
$6.94 | -1% |
|
38 |
Providence-Warwick, RI-MA |
$5.70 | 13% |
|
39 |
Milwaukee-Waukesha-West Allis, WI |
$4.81 | -9% |
|
40 |
$6.22 | -4% | |
|
41 |
Memphis, TN-MS-AR |
$3.70 | -18% |
|
42 |
Oklahoma City, OK |
$6.27 | -6% |
|
43 |
Louisville/Jefferson County, KY-IN |
$4.22 | -15% |
|
44 |
Richmond, VA |
$10.48 | 65% |
|
45 |
New Orleans-Metairie, LA |
$2.51 | -44% |
|
46 |
Hartford-West Hartford-East Hartford, CT |
$4.55 | -5% |
|
47 |
Raleigh, NC |
$7.67 | 3% |
|
48 |
Birmingham-Hoover, AL |
$4.05 | -17% |
|
49 |
Buffalo-Cheektowaga-Niagara Falls, NY |
$4.69 | 65% |
|
50 |
Salt Lake City, UT |
$8.93 | -5% |
|
Rank |
Market |
Q3 2024 Cost Per Lead (CPL) | % Change Year-Over-Year |
|
51 |
Rochester, NY |
$3.02 | -3% |
|
52 |
Grand Rapids-Wyoming, MI |
$6.35 | -7% |
|
53 |
Tucson, AZ |
$8.74 | -13% |
|
54 |
Urban Honolulu, HI |
$5.16 | -18% |
|
55 |
Tulsa, OK |
$4.14 | -14% |
|
56 |
$4.54 | -13% | |
|
57 |
Bridgeport-Stamford-Norwalk, CT |
$5.64 | 20% |
|
58 |
Worcester, MA-CT |
$8.46 | 86% |
|
59 |
Albuquerque, NM |
$7.14 | -8% |
|
60 |
Omaha-Council Bluffs, NE-IA |
$4.09 | -8% |
|
61 |
Albany-Schenectady-Troy, NY |
$2.71 | -33% |
|
62 |
New Haven-Milford, CT |
$4.76 | -16% |
|
63 |
$7.22 | -1% | |
|
64 |
Knoxville, TN |
$5.94 | 13% |
|
65 |
Greenville-Anderson-Mauldin, SC |
$5.18 | 10% |
|
66 |
$4.67 | -36% | |
|
67 |
El Paso, TX |
$3.77 | -24% |
|
68 |
Allentown-Bethlehem-Easton, PA-NJ |
$5.53 | 48% |
|
69 |
Baton Rouge, LA |
$2.84 | -40% |
|
70 |
McAllen-Edinburg-Mission, TX |
$3.53 | NA |
|
71 |
Dayton, OH |
$5.09 | -15% |
|
72 |
Columbia, SC |
$3.96 | -2% |
|
73 |
Greensboro-High Point, NC |
$4.25 | 4% |
|
74 |
$9.29 | 6% | |
|
75 |
Little Rock-North Little Rock-Conway, AR |
$3.96 | -7% |
|
76 |
$12.62 | 29% | |
|
77 |
Akron, OH |
$6.14 | -19% |
|
78 |
Charleston-North Charleston, SC |
$9.62 | 4% |
|
79 |
Colorado Springs, CO |
$8.84 | -5% |
|
80 |
Syracuse, NY |
$3.05 | -13% |
|
81 |
Winston-Salem, NC |
$4.64 | 10% |
|
82 |
$10.02 | 14% | |
|
83 |
Boise City, ID |
$8.91 | 13% |
|
84 |
Wichita, KS |
$4.60 | 4% |
|
85 |
Springfield, MA |
NA | NA |
|
86 |
Madison, WI |
$5.70 | -1% |
|
87 |
$5.10 | -14% | |
|
88 |
Ogden-Clearfield, UT |
$7.83 | 0% |
|
89 |
Toledo, OH |
NA | NA |
|
90 |
$6.89 | -3% | |
|
91 |
Des Moines-West Des Moines, IA |
$4.73 | -49% |
|
92 |
Jackson, MS |
$3.10 | -24% |
|
93 |
Augusta-Richmond County, GA-SC |
$3.78 | -9% |
|
94 |
Scranton–Wilkes-Barre–Hazleton, PA |
NA | NA |
|
95 |
Youngstown-Warren-Boardman, OH-PA |
$2.93 | -32% |
|
96 |
Harrisburg-Carlisle, PA |
$4.64 | -29% |
|
97 |
Provo-Orem, UT |
$7.67 | -23% |
|
98 |
$7.19 | 3% | |
|
99 |
Chattanooga, TN-GA |
$4.75 | -11% |
|
100 |
Spokane-Spokane Valley, WA |
$7.77 | -34% |
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 Q2 2024, 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.