Real Estate Lead Cost Report for Buyers on Google | Q4 2025 Update

Full Top 100 Markets: Q4 2025 CPL and Year-Over-Year Change

Find your market. See what changed. The tables below show CPL and the percentage change from Q4 2024 for every market in our top 100. A few things worth flagging before you dig in:

• Richmond, VA saw the largest decrease in the top 25 markets, dropping 36%.
• Chicago and Pittsburgh both saw CPL jump over 30% year over year.
• Miami was one of the few large markets where CPL actually dropped (-9%).

Markets Ranked 1-25

Google Buyer Lead Costs in New York, NY (Q4 2025)

New York-Newark-Jersey City came in at $9.68 CPL, up 14% year over year. While elevated compared to most markets, New York remains one of the highest-volume lead environments in the country, where conversion rates can justify the higher acquisition cost.

Google Buyer Lead Costs in Los Angeles, CA (Q4 2025)

Los Angeles-Long Beach-Anaheim hit $13.97 CPL in Q4 2025, a 22% increase year over year. The competitive Southern California market continues to drive up lead acquisition costs, making efficient follow-up and conversion systems critical for ROI.

Google Buyer Lead Costs in Chicago, IL (Q4 2025)

The Chicago-Naperville-Elgin metro came in at $7.65 CPL, but the bigger story is the 33% year-over-year increase. Chicago remains one of the more affordable big markets in absolute terms, but agents there should budget for continued cost pressure heading into 2026.

Google Buyer Lead Costs in Dallas-Fort Worth, TX (Q4 2025)

Dallas-Fort Worth-Arlington posted $7.97 CPL, up 15% year over year. DFW remains a high-activity market with competitive lead costs that are still below many coastal metros, making it a solid market for scaling ad spend.

Google Buyer Lead Costs in Houston, TX (Q4 2025)

Houston-The Woodlands-Sugar Land came in at $7.23 CPL, up just 7% year over year. Houston is one of the most stable big markets in the CINC portfolio and consistently ranks among the most efficient for lead generation investment.

Google Buyer Lead Costs in Philadelphia, PA (Q4 2025)

Philadelphia-Camden-Wilmington posted $6.66 CPL, up 12% from Q4 2024. Philadelphia ranks second among big markets for overall affordability, making it one of the better large-metro options for agents looking to maximize lead volume per dollar.

Google Buyer Lead Costs in Washington, DC (Q4 2025)

The Washington-Arlington-Alexandria metro hit $10.05 CPL, up 23% year over year. The DC metro continues to see rising costs driven by high competition among both local agents and investor activity across Northern Virginia and suburban Maryland.

Google Buyer Lead Costs in Miami, FL (Q4 2025)

Miami-Fort Lauderdale-West Palm Beach was one of the few bright spots in Q4, with CPL falling 9% year over year to $9.65. After years of rapid price increases, the South Florida market is showing signs of normalizing, which should translate to more predictable ad spend for agents in the region.

Google Buyer Lead Costs in Atlanta, GA (Q4 2025)

Atlanta-Sandy Springs-Roswell came in at $8.18 CPL, up 28% year over year. Atlanta's growth as a relocation destination continues to attract more advertisers, pushing lead costs up. The market remains competitive but viable for teams with strong lead nurture systems.

Google Buyer Lead Costs in Boston, MA (Q4 2025)

Boston-Cambridge-Newton posted $8.19 CPL, up just 6% year over year. One of the steadier performers among large northeastern markets, Boston's relatively modest increase makes it a predictable market for Q1 2026 budget planning.

Google Buyer Lead Costs in San Francisco, CA (Q4 2025)

San Francisco-Oakland-Hayward came in at $10.49 CPL, up only 5% year over year. Despite being one of the highest-cost housing markets in the nation, the Bay Area's lead cost increase was among the smallest of any major coastal metro in Q4.

Google Buyer Lead Costs in Phoenix, AZ (Q4 2025)

Phoenix-Mesa-Scottsdale posted $11.45 CPL, up 16% year over year. Phoenix remains one of the pricier Sunbelt markets for lead generation, reflecting the continued high demand from both relocating buyers and investors active in the region.

Google Buyer Lead Costs in Seattle, WA (Q4 2025)

Seattle-Tacoma-Bellevue tied Denver at $12.70 CPL and saw a 30% year-over-year increase. The Pacific Northwest market continues to feel cost pressure, though the region's active buyer pool makes the per-lead investment worthwhile for well-organized teams.

Google Buyer Lead Costs in Denver, CO (Q4 2025)

Denver-Aurora-Lakewood also came in at $12.70 CPL, up 13% year over year. Denver's strong demand from remote workers and lifestyle buyers continues to keep it competitive. The relatively modest increase compared to Seattle suggests the market may be stabilizing.

Google Buyer Lead Costs in Tampa, FL (Q4 2025)

Tampa-St. Petersburg-Clearwater posted $8.63 CPL, up just 1% year over year. Tampa stands out as one of the most stable large Florida markets in Q4 2025, and its appearance in the Top 10 Big Markets list confirms it remains one of the most cost-efficient major metros for buyer lead generation.

Google Buyer Lead Costs in St. Louis, MO (Q4 2025)

St. Louis-IL-MO came in at $5.59 CPL, the lowest of any big market in Q4 2025 for the second consecutive quarter. For agents and teams looking for high lead volume at a manageable cost, St. Louis continues to be one of the standout markets in the entire CINC portfolio.

Google Buyer Lead Costs in Charlotte, NC (Q4 2025)

Charlotte-Concord-Gastonia posted $7.66 CPL, up just 7% year over year. Charlotte's steady growth and relatively low lead costs make it one of the more attractive Southeastern markets for agents looking to scale their buyer pipeline.

Markets Ranked 26-50

Richmond, VA was the standout in this group, with CPL falling 36% year over year.

Google Buyer Lead Costs in Orlando, FL (Q4 2025)

Orlando-Kissimmee-Sanford came in at $7.99 CPL, up 9% year over year. Orlando's tourism-driven economy and steady in-migration keep buyer demand healthy, and the lead cost increase was modest compared to other Florida markets.

Google Buyer Lead Costs in Las Vegas, NV (Q4 2025)

Las Vegas-Henderson-Paradise posted $13.54 CPL, up 20% year over year. Las Vegas remains one of the pricier lead markets in the western U.S., reflecting both the competitive nature of the market and the heavy volume of out-of-state buyer interest.

Google Buyer Lead Costs in Austin, TX (Q4 2025)

Austin-Round Rock came in at $11.04 CPL, up 24% year over year. After years of explosive growth, Austin's lead costs continue to reflect a highly competitive market. Agents operating here should factor the higher acquisition cost into their conversion rate targets.

Google Buyer Lead Costs in Nashville, TN (Q4 2025)

Nashville-Davidson-Murfreesboro-Franklin posted $9.19 CPL, up 16% year over year. Nashville remains a top relocation destination and its lead costs reflect that ongoing demand. Teams with strong systems for nurturing long-distance buyers are best positioned here.

Google Buyer Lead Costs in Richmond, VA (Q4 2025)

Richmond was the biggest positive mover in the 26-50 group, with CPL dropping 36% year over year to $8.24. For agents in the Richmond market, this represents a meaningful window to increase ad spend and capitalize on lower acquisition costs before prices potentially rebound.

Google Buyer Lead Costs in Salt Lake City, UT (Q4 2025)

Salt Lake City posted $13.60 CPL, up 29% year over year. Utah's continued population growth and strong job market keep buyer demand elevated. At this price point, agents should prioritize lead quality and systematic follow-up to maintain a healthy return on ad spend.

Markets Ranked 51-75

Baton Rouge, LA had the largest year-over-year CPL increase in this group at +170%. Urban Honolulu, HI (+58%) and Little Rock, AR (+57%) also saw significant jumps.

Google Buyer Lead Costs in Tucson, AZ (Q4 2025)

Tucson posted $10.43 CPL, up 15% year over year. As Phoenix becomes increasingly expensive, some agents are finding Tucson to be a viable adjacent market. Lead costs here are lower, though the buyer pool is smaller.

Google Buyer Lead Costs in Honolulu, HI (Q4 2025)

Urban Honolulu came in at $8.37 CPL, but the standout stat is the 58% year-over-year increase. Honolulu's limited housing inventory and unique buyer profile make it a challenging market from an ad spend efficiency standpoint, and agents here should monitor CPL trends closely.

Google Buyer Lead Costs in Baton Rouge, LA (Q4 2025)

Baton Rouge saw a 170% year-over-year CPL increase, the largest jump of any market in the 51-75 group, landing at $5.14. Despite the dramatic percentage change, the absolute cost remains low. Agents who were active in this market a year ago may have become accustomed to unusually inexpensive leads.

Google Buyer Lead Costs in Knoxville, TN (Q4 2025)

Knoxville-Knox County posted $7.70 CPL, up 11% year over year. Knoxville continues to attract buyers from higher-cost metros in the Southeast and Northeast, making it a strong market for agents who can work relocation leads effectively.

Markets Ranked 76-100

Wichita, KS saw CPL drop 27% year over year, one of the most improved markets in the full list. Cape Coral-Fort Myers, FL fell 16%.

Google Buyer Lead Costs in Cape Coral-Fort Myers, FL (Q4 2025)

Cape Coral-Fort Myers posted $9.16 CPL, down 16% year over year. Southwest Florida continues to see a market correction after several years of pandemic-driven price spikes, and lead costs are following that trend. This may represent a buying opportunity for agents in the region.

Google Buyer Lead Costs in Wichita, KS (Q4 2025)

Wichita came in at $3.89 CPL, down 27% year over year. Wichita also ranks in the overall Top 10 lowest CPL markets, making it one of the most cost-efficient markets in the country for buyer lead generation. Agents operating here have a real competitive advantage if they are active on Google Ads.

Google Buyer Lead Costs in Boise, ID (Q4 2025)

Boise City posted $11.62 CPL, up 19% year over year. Boise's post-pandemic growth has brought sustained buyer demand, and lead costs continue to reflect that. The market is competitive but still below many similarly-sized western metros.

Google Buyer Lead Costs in Spokane, WA (Q4 2025)

Spokane-Spokane Valley came in at $14.25 CPL, up 55% year over year. Spokane had the highest CPL in the 76-100 group and one of the steeper increases in the full top 100. Agents here should review their campaign settings and targeting to ensure spend is being allocated efficiently.

What to Expect for Google Buyer Lead Costs in Q1 2026

Q4 is historically the peak CPL quarter. As we move into Q1, expect costs to pull back in most markets as holiday ad competition fades. This is typically the best time of year to scale Google Buyer ad spend and lock in leads ahead of the spring buying surge.

The seasonal pattern is consistent: Q1 delivers the lowest costs, costs rise through Q2 and Q3, then peak again in Q4. Agents and teams who invest aggressively in Q1 tend to see their best return on ad spend of the year.

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 2025. 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. 

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.

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 Q3 2025,  Q2 2025, Q1 2025, Q4 2024,Q3 2024, 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.