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Real estate lead generation continues to heat up. For the second consecutive quarter, home buyer lead costs on Google Ads declined year-over-year in Q1 2024 for CINC's portfolio of real estate clients.
The cost per lead in the 1st quarter of 2024 was a hearty 5% lower than the 1st 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. St. Louis, Houston, and Chicago had the three lowest. None of the top 20 largest cities had a cost per lead (CPL) greater than $10 a lead. Looking at small cities, the lowest CPLs were found in Pinehurst, NC; Bangor, ME and Salina, KS.
Based on preliminary data we are seeing, we have an optimistic outlook for the rest of Q2 where we expect to see our third 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 Q1 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
California markets San Francisco (ranked #1), San Diego (ranked #3), Los Angeles (#4), and Riverside (#9) saw the 4 of the 10 largest buyer cost per lead declines year-over-year for the largest markets in Q1 2024.
La Jolla Shores and the Scripps Pier in San Diego, CA.
Texas markets were also well-represented with Dallas (#5) and Houston (#10) both seeing declines in the Top 10 for biggest markets.
| Market Rank | Market | Q1 2024 Cost Per Lead (CPL) | % Change Year-Over-year |
| 1 | San Francisco-Oakland-Hayward, CA | $9.12 | -19% |
| 2 | Detroit-Warren-Dearborn, MI | $5.91 | -18% |
| 3 | San Diego-Carlsbad, CA | $7.94 | -16% |
| 4 | Los Angeles-Long Beach-Anaheim, CA | $8.29 | -15% |
| 5 | Dallas-Fort Worth-Arlington, TX | $5.96 | -13% |
| 6 | Philadelphia-Camden-Wilmington, PA-NJ-DE-MD | $5.31 | -12% |
| 7 | Seattle-Tacoma-Bellevue, WA | $9.64 | -12% |
| 8 | Washington-Arlington-Alexandria, DC-VA-MD-WV | $6.86 | -11% |
| 9 | Riverside-San Bernardino-Ontario, CA | $7.04 | -10% |
| 10 | Houston-The Woodlands-Sugar Land, TX | $5.02 | -8% |
Largest Real Estate Lead Cost Declines for Buyers on Google for Top 100 Markets
Continuing the Texas trend seen in large markets, El Paso, Texas (50% lead cost decline) saw the largest overall real estate buyer lead cost decline year-over-year.
Scenic Drive in El Paso, TX.
And continuing the California trends in big markets, 3 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 | Q1 2024 Cost Per Lead (CPL) | % Change Year-Over-year |
| 1 | El Paso, TX | $3.29 | -50% |
| 2 | Worcester, MA-CT | $4.16 | -36% |
| 3 | Louisville/Jefferson County, KY-IN | $3.74 | -35% |
| 4 | Oxnard-Thousand Oaks-Ventura, CA | $4.66 | -35% |
| 5 | Boise City, ID | $7.21 | -28% |
| 6 | Columbia, SC | $3.39 | -27% |
| 7 | Stockton-Lodi, CA | $6.93 | -26% |
| 8 | San Jose-Sunnyvale-Santa Clara, CA | $8.32 | -25% |
| 9 | Augusta-Richmond County, GA-SC | $3.32 | -23% |
| 10 | Provo-Orem, UT | $8.39 | -23% |
Lowest Real Estate Lead Cost Markets for Buyers on Google
Augusta, Georgia, had the lowest real estate buyer lead cost of any new entrant to the Top 10 of overall lowest lead cost markets in 2024. Augusta had a very low $3.32 cost per lead.
Augusta National Golf Club , host of The Masters, in Augusta, GA.
The other 3 new entrants into the lowest real estate lead cost markets were all located in the South in: Columbia, SC (ranked #6), Baton Rouge, (ranked #9), and Louisville (#10).
| Market Rank | Market | Q1 2024 Cost Per Lead (CPL) |
| 1 | New Orleans-Metairie, LA | $2.54 |
| 2 | Rochester, NY | $3.23 |
| 3 | El Paso, TX | $3.29 |
| 4 | Syracuse, NY | $3.30 |
| 5 | Augusta-Richmond County, GA-SC | $3.32 |
| 6 | Columbia, SC | $3.39 |
| 7 | Jackson, MS | $3.45 |
| 8 | Youngstown-Warren-Boardman, OH-PA | $3.52 |
| 9 | Baton Rouge, LA | $3.69 |
| 10 | Louisville/Jefferson County, KY-IN | $3.74 |
Real Estate Lead Cost for Buyers on Google for Top 100 Markets
|
Rank |
Market |
Q1 2024 Cost Per Lead (CPL) | % Change Year-Over-Year |
|
1 |
New York-Newark-Jersey City, NY-NJ-PA |
$7.03 | -4% |
|
2 |
$8.29 | -15% | |
|
3 |
Chicago-Naperville-Elgin, IL-IN-WI |
$5.53 | 4% |
|
4 |
Dallas-Fort Worth-Arlington, TX |
$5.96 | -13% |
|
5 |
Houston-The Woodlands-Sugar Land, TX |
$5.02 | -8% |
|
6 |
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD |
$5.31 | -12% |
|
7 |
Washington-Arlington-Alexandria, DC-VA-MD-WV |
$6.86 | -11% |
|
8 |
$6.57 | 7% | |
|
9 |
Atlanta-Sandy Springs-Roswell, GA |
$5.31 | -8% |
|
10 |
Boston-Cambridge-Newton, MA-NH |
$6.59 | -2% |
|
11 |
$9.12 | -19% | |
|
12 |
$7.04 | -10% | |
|
13 |
Phoenix-Mesa-Scottsdale, AZ |
$8.25 | -3% |
|
14 |
Detroit-Warren-Dearborn, MI |
$5.91 | -18% |
|
15 |
Seattle-Tacoma-Bellevue, WA |
$9.64 | -12% |
|
16 |
Minneapolis-St. Paul-Bloomington, MN-WI |
$8.36 | -5% |
|
17 |
$7.94 | -16% | |
|
18 |
$5.86 | 4% | |
|
19 |
St. Louis, MO-IL |
$5.00 | 10% |
|
20 |
Baltimore-Columbia-Towson, MD |
$5.94 | -2% |
|
21 |
Denver-Aurora-Lakewood, CO |
$10.59 | 13% |
|
22 |
Pittsburgh, PA |
$5.29 | 3% |
|
23 |
Charlotte-Concord-Gastonia, NC-SC |
$6.04 | 3% |
|
24 |
Portland-Vancouver-Hillsboro, OR-WA |
$8.15 | -8% |
|
25 |
San Antonio-New Braunfels, TX |
$6.06 | 25% |
|
26 |
$5.15 | -7% | |
|
27 |
$7.74 | -13% | |
|
28 |
Cincinnati, OH-KY-IN |
$4.67 | -14% |
|
29 |
Cleveland-Elyria, OH |
$6.41 | -10% |
|
30 |
Kansas City, MO-KS |
$5.30 | -4% |
|
31 |
Las Vegas-Henderson-Paradise, NV |
$8.68 | -3% |
|
32 |
Columbus, OH |
$6.22 | 30% |
|
33 |
Indianapolis-Carmel-Anderson, IN |
$4.73 | -3% |
|
34 |
$8.32 | -25% | |
|
35 |
Austin-Round Rock, TX |
$6.97 | -15% |
|
36 |
Nashville-Davidson--Murfreesboro--Franklin, TN |
$7.51 | 0% |
|
37 |
Virginia Beach-Norfolk-Newport News, VA-NC |
$6.86 | 5% |
|
38 |
Providence-Warwick, RI-MA |
$5.49 | -15% |
|
39 |
Milwaukee-Waukesha-West Allis, WI |
$5.58 | -7% |
|
40 |
$5.45 | -7% | |
|
41 |
Memphis, TN-MS-AR |
$4.04 | -16% |
|
42 |
Oklahoma City, OK |
$6.11 | 7% |
|
43 |
Louisville/Jefferson County, KY-IN |
$3.74 | -35% |
|
44 |
Richmond, VA |
$6.81 | 13% |
|
45 |
New Orleans-Metairie, LA |
$2.54 | -17% |
|
46 |
Hartford-West Hartford-East Hartford, CT |
$4.58 | -16% |
|
47 |
Raleigh, NC |
$7.71 | 6% |
|
48 |
Birmingham-Hoover, AL |
$4.28 | -6% |
|
49 |
Buffalo-Cheektowaga-Niagara Falls, NY |
$4.02 | 8% |
|
50 |
Salt Lake City, UT |
$8.55 | -16% |
|
Rank |
Market |
Q1 2024 Cost Per Lead (CPL) | % Change Year-Over-Year |
|
51 |
Rochester, NY |
$3.23 | 6% |
|
52 |
Grand Rapids-Wyoming, MI |
$6.92 | -2% |
|
53 |
Tucson, AZ |
$7.42 | -8% |
|
54 |
Urban Honolulu, HI |
$4.79 | -4% |
|
55 |
Tulsa, OK |
$4.09 | 16% |
|
56 |
$4.65 | -5% | |
|
57 |
Bridgeport-Stamford-Norwalk, CT |
$5.78 | -18% |
|
58 |
Worcester, MA-CT |
$4.16 | -36% |
|
59 |
Albuquerque, NM |
$6.53 | -16% |
|
60 |
Omaha-Council Bluffs, NE-IA |
$4.38 | -4% |
|
61 |
Albany-Schenectady-Troy, NY |
$4.23 | 4% |
|
62 |
New Haven-Milford, CT |
$5.95 | 2% |
|
63 |
$6.14 | -14% | |
|
64 |
Knoxville, TN |
$5.73 | 0% |
|
65 |
Greenville-Anderson-Mauldin, SC |
$4.76 | -7% |
|
66 |
$4.66 | -35% | |
|
67 |
El Paso, TX |
$3.29 | -50% |
|
68 |
Allentown-Bethlehem-Easton, PA-NJ |
$4.62 | -8% |
|
69 |
Baton Rouge, LA |
$3.69 | -19% |
|
70 |
McAllen-Edinburg-Mission, TX |
NA | NA |
|
71 |
Dayton, OH |
$5.67 | 8% |
|
72 |
Columbia, SC |
$3.39 | -27% |
|
73 |
Greensboro-High Point, NC |
$4.09 | -20% |
|
74 |
$6.89 | 3% | |
|
75 |
Little Rock-North Little Rock-Conway, AR |
NA | NA |
|
76 |
$6.93 | -26% | |
|
77 |
Akron, OH |
$6.23 | -18% |
|
78 |
Charleston-North Charleston, SC |
$8.56 | -7% |
|
79 |
Colorado Springs, CO |
$8.50 | -11% |
|
80 |
Syracuse, NY |
$3.30 | -12% |
|
81 |
Winston-Salem, NC |
$4.37 | 0% |
|
82 |
$6.78 | 3% | |
|
83 |
Boise City, ID |
$7.21 | -28% |
|
84 |
Wichita, KS |
$4.81 | 131% |
|
85 |
Springfield, MA |
NA | NA |
|
86 |
Madison, WI |
$6.38 | 14% |
|
87 |
$3.76 | -3% | |
|
88 |
Ogden-Clearfield, UT |
$7.74 | 0% |
|
89 |
Toledo, OH |
NA | NA |
|
90 |
$5.90 | -12% | |
|
91 |
Des Moines-West Des Moines, IA |
$7.92 | -15% |
|
92 |
Jackson, MS |
$3.45 | -2% |
|
93 |
Augusta-Richmond County, GA-SC |
$3.32 | -23% |
|
94 |
Scranton–Wilkes-Barre–Hazleton, PA |
NA | NA |
|
95 |
Youngstown-Warren-Boardman, OH-PA |
$3.52 | NA |
|
96 |
Harrisburg-Carlisle, PA |
$5.81 | -13% |
|
97 |
Provo-Orem, UT |
$8.39 | -23% |
|
98 |
$6.53 | 17% | |
|
99 |
Chattanooga, TN-GA |
$5.38 | 8% |
|
100 |
Spokane-Spokane Valley, WA |
$9.69 | -12% |
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 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.