Benchmark Report · Volume I

2026 Real Estate Facebook Lead Cost Benchmark Report

The definitive state-by-state analysis of what real estate professionals actually pay to acquire a lead on Facebook and Instagram in 2026.

This report combines Walled Garden's own aggregated platform data [1] with published third-party industry benchmarks [2,3,4,5,6,10] to establish what U.S. real estate professionals actually pay to acquire a lead on Facebook and Instagram in 2026. Every figure on this page is footnoted to its source.

A note on data: figures shown as Walled Garden Platform are aggregated from campaigns running on our infrastructure [1]. State-level rollups in the cartogram, rankings table, and per-state reports are modeled estimates derived from those platform aggregates plus the third-party industry benchmarks cited below — they are directional, not audited. See Methodology and Sources.
Walled Garden Platform Benchmarks [1]

What advertisers on our platform actually see

Aggregated across all U.S. campaigns
Avg Daily Budget
$10 – $25
per active campaign
Buyer-Lead CPL
$6 – $8
Lead Form + landing page
Seller-Lead CPL
$8 – $23
valuation / listing intent
Lead → Closed Deal
1 – 2%
tracked through CRM close

Source: Walled Garden HQ aggregated Meta Marketing API data, 2024–2026 [1]. Ranges represent the central 80% of campaigns on the platform; outliers excluded per methodology. Compare to WordStream/LocaliQ industry average ($16.52 real-estate CPL) [2], Revealbot ($10–$15) [4], and Hootsuite ($1.72 avg CPC) [3].

Last Updated
June 20, 2026
Campaigns Analyzed[1]
34,940
Leads Analyzed[1]
3,644,243
Modeled Avg CPL[1,2,4]
$9.37
Avg Lead-to-Close Rate[1]
1.47%
Avg CTR[2,3]
1.74%
Avg CPM[10,4]
$11.20
Avg CPC[3,2]
$0.96
Figure 1

Modeled Avg CPL by State [1,2,4,10]

Low
High

Hover any state for full benchmark detail. Click to jump to the state's analyst report. State-level figures are modeled estimates blending Walled Garden platform aggregates [1] with published Meta CPM, CPC and real-estate CPL benchmarks [2,4,3,10].

Figure 2

National Rankings [1,2,4]

Sort any column. Search any state. Export the underlying dataset. All state-level figures are modeled estimates — see Methodology.

StateAvg CPLMedianBuyerSellerLuxuryLandInvestmentCTRCPMCPCClose %Camp.Leads
$18.40$15.98$15.41$22.96$43.38$11.95$24.121.31%$20.77$0.381.98%3,942236,520
$17.00$14.30$15.53$19.65$34.81$14.66$25.321.67%$19.52$0.491.96%15410,626
$16.10$13.50$13.26$21.18$32.99$14.08$19.142.36%$18.81$0.591.98%4,193461,230
$15.80$14.13$13.34$19.97$37.89$13.32$23.491.79%$19.70$0.941.9%29521,830
$15.20$13.56$12.87$16.51$30.84$12.60$17.851.41%$19.98$1.001.86%49830,876
$14.30$12.29$11.86$17.27$28.68$12.82$18.901.16%$16.72$0.781.86%50834,544
$13.90$12.23$11.97$17.51$22.48$11.80$17.491.97%$18.07$1.091.81%33448,764
$13.10$11.35$10.83$17.68$29.72$11.67$19.261.63%$15.76$0.521.83%709100,678
$12.99$11.67$11.32$15.08$22.96$8.83$19.162.15%$17.70$0.351.8%42729,890
$12.40$10.81$11.10$15.71$28.59$9.58$14.851.97%$15.90$0.871.75%50237,650
$12.00$10.51$10.65$15.65$22.56$9.20$13.752.07%$17.06$0.731.83%10113,635
$11.53$9.86$9.85$14.05$20.87$8.94$16.822.3%$17.52$0.351.82%37258,776
$11.53$9.54$10.81$12.50$27.18$9.16$13.391.77%$15.45$1.391.79%49277,244
$11.15$9.40$10.12$14.73$24.27$6.84$13.891.38%$14.61$0.351.76%27120,867
$10.98$9.68$9.73$14.72$20.54$8.87$14.932.29%$14.94$0.351.77%851121,693
$10.62$9.99$9.22$13.86$23.98$6.71$15.761.85%$14.69$0.601.71%77265,620
$10.61$8.96$9.49$14.05$24.03$7.18$15.171.43%$16.71$1.211.66%73756,749
$10.41$9.14$9.67$12.07$19.84$8.02$13.971.68%$13.82$1.131.74%66976,935
$9.87$9.04$9.29$13.23$18.00$7.82$12.431.53%$13.72$0.381.65%79272,072
$9.59$8.80$8.37$12.09$19.18$8.15$13.641.25%$14.09$0.571.66%73499,090
$9.46$8.05$8.99$11.95$19.04$6.03$10.722.36%$15.74$0.751.65%23825,466
$9.12$7.80$7.81$10.34$18.94$7.88$12.062.15%$15.21$0.351.6%48674,358
$9.00$8.39$7.81$10.35$15.61$6.78$10.311.85%$14.65$0.561.62%46745,299
$8.86$8.30$7.89$11.57$15.29$7.87$10.031.31%$13.43$0.971.48%842134,720
$8.79$7.29$8.18$9.68$14.62$7.57$11.851.92%$15.92$1.011.45%80457,084
$8.78$8.00$7.80$11.60$19.99$5.51$11.151.9%$15.31$1.081.47%486,960
$8.77$7.50$7.26$9.62$18.37$7.04$10.602.09%$15.66$0.791.55%22517,550
$8.14$7.39$7.75$10.53$16.61$5.99$9.981.45%$14.30$0.691.4%52165,646
$8.07$7.61$6.93$10.86$19.29$6.15$11.452.17%$12.71$1.111.41%69494,384
$7.76$6.66$6.49$8.30$15.47$6.00$10.671.57%$12.20$0.531.45%16916,055
$7.68$6.64$6.94$10.23$14.19$5.48$10.881.88%$15.17$0.851.45%44945,798
$7.61$6.45$6.37$9.52$15.61$5.06$10.501.52%$14.56$0.991.3%81091,530
$7.19$6.82$6.85$9.54$15.09$5.74$8.271.15%$14.33$0.991.41%84584,500
$7.14$6.24$6.01$8.37$15.36$5.29$7.951.87%$11.83$0.571.35%42950,193
$6.99$6.59$5.94$8.27$12.50$4.95$10.431.5%$13.53$0.981.28%59045,430
$6.94$6.49$6.66$7.44$12.29$4.72$10.221.42%$14.03$0.351.3%1,897273,168
$6.94$5.72$5.77$8.54$15.67$5.30$8.531.94%$14.65$0.871.31%8812,584
$6.87$6.45$6.36$8.18$14.37$5.99$7.612.16%$11.67$0.981.21%46430,624
$6.83$6.37$6.08$7.53$12.28$4.99$8.712.21%$12.60$0.491.16%51368,742
$6.42$5.72$5.76$7.79$12.61$4.47$7.551.6%$11.53$0.701.22%17912,172
$6.30$5.65$6.05$8.22$12.23$3.98$8.731.12%$11.61$1.391.15%47159,817
$6.20$5.44$5.27$7.28$11.56$4.59$6.971.31%$12.61$1.421.1%80973,619
$6.10$5.44$5.15$6.56$12.28$4.82$7.531.35%$13.43$1.121.07%80666,092
$6.10$5.20$5.54$7.86$12.65$4.30$6.891.33%$12.70$1.321.15%1179,594
$6.00$4.96$5.31$7.30$14.00$3.82$6.922.38%$13.86$0.631.18%50657,178
$5.80$5.24$4.76$7.49$12.52$4.07$6.741.13%$11.47$0.521.13%79457,962
$5.70$4.68$5.10$7.54$11.82$4.55$6.461.56%$11.74$0.901.12%895101,135
$5.60$4.68$4.92$6.04$10.87$4.48$7.001.91%$13.31$0.611.02%43058,480
$5.20$4.77$4.38$5.47$11.32$4.24$7.742.22%$12.57$1.041%73683,904
$5.10$4.35$4.74$6.06$9.36$3.13$6.021.12%$13.27$1.281%790113,760
$4.90$4.52$4.36$5.87$8.16$3.00$6.241.91%$11.15$0.481.02%47535,150
Figure 3

Buyer vs Seller vs Luxury vs Land [1,4]

CPL, CTR, CPM, CPC and conversion rate across eight common real estate campaign archetypes. On the Walled Garden platform, buyer campaigns average $6–$8 per lead and seller campaigns $8–$23 per lead [1].

Cost per Lead

Lead-to-Close Rate

TypeCPLCTRCPMCPCClose %
Buyer Leads$7.401.84%$10.90$0.881.67%
Seller Leads$11.201.51%$12.30$1.121.21%
Luxury ($1M+)$21.601.22%$15.40$1.841%
Investment$12.901.48%$11.80$1.081.12%
Land$6.102.05%$9.20$0.761.79%
New Construction$9.401.68%$11.50$1.021.39%
Open Houses$5.802.21%$8.90$0.721.9%
Home Valuation$8.701.95%$10.20$0.911.51%
Figure 4

Monthly Trends [1,4]

CPL and lead volume across the calendar year, averaged across all U.S. campaigns on the Walled Garden platform [1]. Q4 CPM lift (Oct–Nov) is consistent with broader Meta-wide seasonality reported by Revealbot [4] and Statista [10].

CPL by Month

Lead Volume by Month

Figure 5

Year-over-Year [1,2,4]

Avg CPL
$9.37
Avg CTR
1.74%
Avg CPM
$11.20
Lead-to-Close
1.45%

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Section II

State-by-State Analyst Reports

A dedicated report for every U.S. state, including narrative observations, monthly trend, audience composition, and estimated cost per closed transaction.

Alaska

West · Updated 2026-06-20

Alaska averages $12.99 per lead, placing it in the upper half of national benchmarks. Coastal metro competition keeps acquisition costs elevated. Best month historically: May. Worst: Feb.

Avg CPL
$12.99
Avg CPC
$0.35
Avg CPM
$17.70
Avg CTR
2.15%
Lead-to-Close
1.8%
Cost / Appt
$59.81
Cost / Closing (est.)
$776
Campaigns
427

12-Month CPL Trend

Top objective
Traffic
Top format
Single Image
Best month
May
Worst month
Feb
Top audience
Saved (Demographic)
Top age group
45-54
Top placement
Facebook Feed
Avg daily budget
$23

Alabama

South · Updated 2026-06-20

Alabama averages $5.8 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Jun. Worst: Dec.

Avg CPL
$5.80
Avg CPC
$0.52
Avg CPM
$11.47
Avg CTR
1.13%
Lead-to-Close
1.13%
Cost / Appt
$28.15
Cost / Closing (est.)
$376
Campaigns
794

12-Month CPL Trend

Top objective
Traffic
Top format
Single Image
Best month
Jun
Worst month
Dec
Top audience
Custom (Web Traffic)
Top age group
35-44
Top placement
Instagram Feed
Avg daily budget
$11

Arkansas

South · Updated 2026-06-20

Arkansas averages $5.2 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Jul. Worst: May.

Avg CPL
$5.20
Avg CPC
$1.04
Avg CPM
$12.57
Avg CTR
2.22%
Lead-to-Close
1%
Cost / Appt
$24.40
Cost / Closing (est.)
$252
Campaigns
736

12-Month CPL Trend

Top objective
Lead Generation
Top format
Single Image
Best month
Jul
Worst month
May
Top audience
Lookalike (Past Leads)
Top age group
45-54
Top placement
Facebook Feed
Avg daily budget
$11

Arizona

West · Updated 2026-06-20

Arizona averages $11.53 per lead, placing it in the upper half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Jan. Worst: May.

Avg CPL
$11.53
Avg CPC
$0.35
Avg CPM
$17.52
Avg CTR
2.3%
Lead-to-Close
1.82%
Cost / Appt
$58.25
Cost / Closing (est.)
$546
Campaigns
372

12-Month CPL Trend

Top objective
Lead Generation
Top format
Video
Best month
Jan
Worst month
May
Top audience
Lookalike (Past Leads)
Top age group
25-34
Top placement
Stories
Avg daily budget
$21

California

West · Updated 2026-06-20

California averages $18.4 per lead, placing it in the upper half of national benchmarks. Coastal metro competition keeps acquisition costs elevated. Best month historically: Aug. Worst: Mar.

Avg CPL
$18.40
Avg CPC
$0.38
Avg CPM
$20.77
Avg CTR
1.31%
Lead-to-Close
1.98%
Cost / Appt
$86.44
Cost / Closing (est.)
$945
Campaigns
3,942

12-Month CPL Trend

Top objective
Lead Generation
Top format
Collection
Best month
Aug
Worst month
Mar
Top audience
Custom (Web Traffic)
Top age group
45-54
Top placement
Facebook Feed
Avg daily budget
$25

Colorado

West · Updated 2026-06-20

Colorado averages $12.4 per lead, placing it in the upper half of national benchmarks. Coastal metro competition keeps acquisition costs elevated. Best month historically: Apr. Worst: May.

Avg CPL
$12.40
Avg CPC
$0.87
Avg CPM
$15.90
Avg CTR
1.97%
Lead-to-Close
1.75%
Cost / Appt
$49.55
Cost / Closing (est.)
$415
Campaigns
502

12-Month CPL Trend

Top objective
Conversions
Top format
Collection
Best month
Apr
Worst month
May
Top audience
Saved (Demographic)
Top age group
25-34
Top placement
Instagram Feed
Avg daily budget
$22

Connecticut

Northeast · Updated 2026-06-20

Connecticut averages $13.1 per lead, placing it in the upper half of national benchmarks. Coastal metro competition keeps acquisition costs elevated. Best month historically: Apr. Worst: Sep.

Avg CPL
$13.10
Avg CPC
$0.52
Avg CPM
$15.76
Avg CTR
1.63%
Lead-to-Close
1.83%
Cost / Appt
$48.43
Cost / Closing (est.)
$504
Campaigns
709

12-Month CPL Trend

Top objective
Lead Generation
Top format
Carousel
Best month
Apr
Worst month
Sep
Top audience
Saved (Demographic)
Top age group
35-44
Top placement
Stories
Avg daily budget
$23

District of Columbia

South · Updated 2026-06-20

District of Columbia averages $15.8 per lead, placing it in the upper half of national benchmarks. Coastal metro competition keeps acquisition costs elevated. Best month historically: Dec. Worst: Sep.

Avg CPL
$15.80
Avg CPC
$0.94
Avg CPM
$19.70
Avg CTR
1.79%
Lead-to-Close
1.9%
Cost / Appt
$56.12
Cost / Closing (est.)
$512
Campaigns
295

12-Month CPL Trend

Top objective
Conversions
Top format
Video
Best month
Dec
Worst month
Sep
Top audience
Saved (Demographic)
Top age group
45-54
Top placement
Reels
Avg daily budget
$25

Delaware

South · Updated 2026-06-20

Delaware averages $8.86 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Nov. Worst: Feb.

Avg CPL
$8.86
Avg CPC
$0.97
Avg CPM
$13.43
Avg CTR
1.31%
Lead-to-Close
1.48%
Cost / Appt
$39.07
Cost / Closing (est.)
$412
Campaigns
842

12-Month CPL Trend

Top objective
Traffic
Top format
Single Image
Best month
Nov
Worst month
Feb
Top audience
Custom (Web Traffic)
Top age group
45-54
Top placement
Facebook Feed
Avg daily budget
$19

Florida

South · Updated 2026-06-20

Florida averages $6.94 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Oct. Worst: Dec.

Avg CPL
$6.94
Avg CPC
$0.35
Avg CPM
$14.03
Avg CTR
1.42%
Lead-to-Close
1.3%
Cost / Appt
$32.39
Cost / Closing (est.)
$361
Campaigns
1,897

12-Month CPL Trend

Top objective
Conversions
Top format
Carousel
Best month
Oct
Worst month
Dec
Top audience
Custom (Web Traffic)
Top age group
35-44
Top placement
Facebook Feed
Avg daily budget
$13

Georgia

South · Updated 2026-06-20

Georgia averages $8.78 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: May. Worst: Feb.

Avg CPL
$8.78
Avg CPC
$1.08
Avg CPM
$15.31
Avg CTR
1.9%
Lead-to-Close
1.47%
Cost / Appt
$45.08
Cost / Closing (est.)
$442
Campaigns
48

12-Month CPL Trend

Top objective
Conversions
Top format
Single Image
Best month
May
Worst month
Feb
Top audience
Lookalike (Past Leads)
Top age group
35-44
Top placement
Facebook Feed
Avg daily budget
$17

Hawaii

West · Updated 2026-06-20

Hawaii averages $17.0 per lead, placing it in the upper half of national benchmarks. Coastal metro competition keeps acquisition costs elevated. Best month historically: Feb. Worst: Sep.

Avg CPL
$17.00
Avg CPC
$0.49
Avg CPM
$19.52
Avg CTR
1.67%
Lead-to-Close
1.96%
Cost / Appt
$91.63
Cost / Closing (est.)
$1,113
Campaigns
154

12-Month CPL Trend

Top objective
Conversions
Top format
Carousel
Best month
Feb
Worst month
Sep
Top audience
Saved (Demographic)
Top age group
25-34
Top placement
Facebook Feed
Avg daily budget
$24

Iowa

Midwest · Updated 2026-06-20

Iowa averages $6.0 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Apr. Worst: Jun.

Avg CPL
$6.00
Avg CPC
$0.63
Avg CPM
$13.86
Avg CTR
2.38%
Lead-to-Close
1.18%
Cost / Appt
$31.63
Cost / Closing (est.)
$362
Campaigns
506

12-Month CPL Trend

Top objective
Lead Generation
Top format
Video
Best month
Apr
Worst month
Jun
Top audience
Saved (Demographic)
Top age group
45-54
Top placement
Stories
Avg daily budget
$11

Idaho

West · Updated 2026-06-20

Idaho averages $9.87 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Oct. Worst: Feb.

Avg CPL
$9.87
Avg CPC
$0.38
Avg CPM
$13.72
Avg CTR
1.53%
Lead-to-Close
1.65%
Cost / Appt
$39.81
Cost / Closing (est.)
$507
Campaigns
792

12-Month CPL Trend

Top objective
Lead Generation
Top format
Video
Best month
Oct
Worst month
Feb
Top audience
Custom (Web Traffic)
Top age group
25-34
Top placement
Reels
Avg daily budget
$20

Illinois

Midwest · Updated 2026-06-20

Illinois averages $7.19 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Apr. Worst: Sep.

Avg CPL
$7.19
Avg CPC
$0.99
Avg CPM
$14.33
Avg CTR
1.15%
Lead-to-Close
1.41%
Cost / Appt
$31.44
Cost / Closing (est.)
$437
Campaigns
845

12-Month CPL Trend

Top objective
Traffic
Top format
Video
Best month
Apr
Worst month
Sep
Top audience
Custom (Web Traffic)
Top age group
35-44
Top placement
Stories
Avg daily budget
$16

Indiana

Midwest · Updated 2026-06-20

Indiana averages $6.1 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Feb. Worst: Nov.

Avg CPL
$6.10
Avg CPC
$1.12
Avg CPM
$13.43
Avg CTR
1.35%
Lead-to-Close
1.07%
Cost / Appt
$28.86
Cost / Closing (est.)
$283
Campaigns
806

12-Month CPL Trend

Top objective
Conversions
Top format
Video
Best month
Feb
Worst month
Nov
Top audience
Lookalike (Past Leads)
Top age group
25-34
Top placement
Facebook Feed
Avg daily budget
$12

Kansas

Midwest · Updated 2026-06-20

Kansas averages $6.2 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Sep. Worst: Aug.

Avg CPL
$6.20
Avg CPC
$1.42
Avg CPM
$12.61
Avg CTR
1.31%
Lead-to-Close
1.1%
Cost / Appt
$32.11
Cost / Closing (est.)
$310
Campaigns
809

12-Month CPL Trend

Top objective
Lead Generation
Top format
Collection
Best month
Sep
Worst month
Aug
Top audience
Saved (Demographic)
Top age group
45-54
Top placement
Stories
Avg daily budget
$13

Kentucky

South · Updated 2026-06-20

Kentucky averages $5.7 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Apr. Worst: Dec.

Avg CPL
$5.70
Avg CPC
$0.90
Avg CPM
$11.74
Avg CTR
1.56%
Lead-to-Close
1.12%
Cost / Appt
$26.09
Cost / Closing (est.)
$324
Campaigns
895

12-Month CPL Trend

Top objective
Lead Generation
Top format
Carousel
Best month
Apr
Worst month
Dec
Top audience
Saved (Demographic)
Top age group
25-34
Top placement
Instagram Feed
Avg daily budget
$11

Louisiana

South · Updated 2026-06-20

Louisiana averages $7.61 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Jan. Worst: Mar.

Avg CPL
$7.61
Avg CPC
$0.99
Avg CPM
$14.56
Avg CTR
1.52%
Lead-to-Close
1.3%
Cost / Appt
$30.47
Cost / Closing (est.)
$259
Campaigns
810

12-Month CPL Trend

Top objective
Conversions
Top format
Carousel
Best month
Jan
Worst month
Mar
Top audience
Saved (Demographic)
Top age group
25-34
Top placement
Reels
Avg daily budget
$15

Massachusetts

Northeast · Updated 2026-06-20

Massachusetts averages $15.2 per lead, placing it in the upper half of national benchmarks. Coastal metro competition keeps acquisition costs elevated. Best month historically: Dec. Worst: Jul.

Avg CPL
$15.20
Avg CPC
$1.00
Avg CPM
$19.98
Avg CTR
1.41%
Lead-to-Close
1.86%
Cost / Appt
$56.03
Cost / Closing (est.)
$523
Campaigns
498

12-Month CPL Trend

Top objective
Lead Generation
Top format
Collection
Best month
Dec
Worst month
Jul
Top audience
Lookalike (Past Leads)
Top age group
45-54
Top placement
Reels
Avg daily budget
$24

Maryland

South · Updated 2026-06-20

Maryland averages $9.12 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Jan. Worst: Feb.

Avg CPL
$9.12
Avg CPC
$0.35
Avg CPM
$15.21
Avg CTR
2.15%
Lead-to-Close
1.6%
Cost / Appt
$42.73
Cost / Closing (est.)
$424
Campaigns
486

12-Month CPL Trend

Top objective
Lead Generation
Top format
Carousel
Best month
Jan
Worst month
Feb
Top audience
Lookalike (Past Leads)
Top age group
25-34
Top placement
Stories
Avg daily budget
$19

Maine

Northeast · Updated 2026-06-20

Maine averages $10.62 per lead, placing it in the upper half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Feb. Worst: Jul.

Avg CPL
$10.62
Avg CPC
$0.60
Avg CPM
$14.69
Avg CTR
1.85%
Lead-to-Close
1.71%
Cost / Appt
$38.78
Cost / Closing (est.)
$471
Campaigns
772

12-Month CPL Trend

Top objective
Lead Generation
Top format
Collection
Best month
Feb
Worst month
Jul
Top audience
Saved (Demographic)
Top age group
35-44
Top placement
Facebook Feed
Avg daily budget
$20

Michigan

Midwest · Updated 2026-06-20

Michigan averages $7.76 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Jun. Worst: Oct.

Avg CPL
$7.76
Avg CPC
$0.53
Avg CPM
$12.20
Avg CTR
1.57%
Lead-to-Close
1.45%
Cost / Appt
$27.87
Cost / Closing (est.)
$232
Campaigns
169

12-Month CPL Trend

Top objective
Traffic
Top format
Carousel
Best month
Jun
Worst month
Oct
Top audience
Custom (Web Traffic)
Top age group
25-34
Top placement
Facebook Feed
Avg daily budget
$15

Minnesota

Midwest · Updated 2026-06-20

Minnesota averages $7.14 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Apr. Worst: May.

Avg CPL
$7.14
Avg CPC
$0.57
Avg CPM
$11.83
Avg CTR
1.87%
Lead-to-Close
1.35%
Cost / Appt
$37.96
Cost / Closing (est.)
$371
Campaigns
429

12-Month CPL Trend

Top objective
Lead Generation
Top format
Video
Best month
Apr
Worst month
May
Top audience
Custom (Web Traffic)
Top age group
25-34
Top placement
Facebook Feed
Avg daily budget
$16

Missouri

Midwest · Updated 2026-06-20

Missouri averages $8.14 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: May. Worst: Sep.

Avg CPL
$8.14
Avg CPC
$0.69
Avg CPM
$14.30
Avg CTR
1.45%
Lead-to-Close
1.4%
Cost / Appt
$39.10
Cost / Closing (est.)
$528
Campaigns
521

12-Month CPL Trend

Top objective
Conversions
Top format
Single Image
Best month
May
Worst month
Sep
Top audience
Custom (Web Traffic)
Top age group
45-54
Top placement
Instagram Feed
Avg daily budget
$16

Mississippi

South · Updated 2026-06-20

Mississippi averages $4.9 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Mar. Worst: Dec.

Avg CPL
$4.90
Avg CPC
$0.48
Avg CPM
$11.15
Avg CTR
1.91%
Lead-to-Close
1.02%
Cost / Appt
$22.49
Cost / Closing (est.)
$267
Campaigns
475

12-Month CPL Trend

Top objective
Lead Generation
Top format
Video
Best month
Mar
Worst month
Dec
Top audience
Saved (Demographic)
Top age group
25-34
Top placement
Facebook Feed
Avg daily budget
$10

Montana

West · Updated 2026-06-20

Montana averages $11.53 per lead, placing it in the upper half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Oct. Worst: Mar.

Avg CPL
$11.53
Avg CPC
$1.39
Avg CPM
$15.45
Avg CTR
1.77%
Lead-to-Close
1.79%
Cost / Appt
$41.55
Cost / Closing (est.)
$399
Campaigns
492

12-Month CPL Trend

Top objective
Traffic
Top format
Video
Best month
Oct
Worst month
Mar
Top audience
Custom (Web Traffic)
Top age group
35-44
Top placement
Stories
Avg daily budget
$22

North Carolina

South · Updated 2026-06-20

North Carolina averages $6.99 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Nov. Worst: Jan.

Avg CPL
$6.99
Avg CPC
$0.98
Avg CPM
$13.53
Avg CTR
1.5%
Lead-to-Close
1.28%
Cost / Appt
$29.90
Cost / Closing (est.)
$306
Campaigns
590

12-Month CPL Trend

Top objective
Conversions
Top format
Video
Best month
Nov
Worst month
Jan
Top audience
Saved (Demographic)
Top age group
35-44
Top placement
Reels
Avg daily budget
$15

North Dakota

Midwest · Updated 2026-06-20

North Dakota averages $8.07 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Apr. Worst: Feb.

Avg CPL
$8.07
Avg CPC
$1.11
Avg CPM
$12.71
Avg CTR
2.17%
Lead-to-Close
1.41%
Cost / Appt
$43.92
Cost / Closing (est.)
$365
Campaigns
694

12-Month CPL Trend

Top objective
Lead Generation
Top format
Single Image
Best month
Apr
Worst month
Feb
Top audience
Saved (Demographic)
Top age group
25-34
Top placement
Reels
Avg daily budget
$17

Nebraska

Midwest · Updated 2026-06-20

Nebraska averages $6.42 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Oct. Worst: Aug.

Avg CPL
$6.42
Avg CPC
$0.70
Avg CPM
$11.53
Avg CTR
1.6%
Lead-to-Close
1.22%
Cost / Appt
$26.02
Cost / Closing (est.)
$331
Campaigns
179

12-Month CPL Trend

Top objective
Lead Generation
Top format
Carousel
Best month
Oct
Worst month
Aug
Top audience
Saved (Demographic)
Top age group
25-34
Top placement
Stories
Avg daily budget
$12

New Hampshire

Northeast · Updated 2026-06-20

New Hampshire averages $8.79 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Jun. Worst: May.

Avg CPL
$8.79
Avg CPC
$1.01
Avg CPM
$15.92
Avg CTR
1.92%
Lead-to-Close
1.45%
Cost / Appt
$38.39
Cost / Closing (est.)
$330
Campaigns
804

12-Month CPL Trend

Top objective
Traffic
Top format
Collection
Best month
Jun
Worst month
May
Top audience
Saved (Demographic)
Top age group
25-34
Top placement
Stories
Avg daily budget
$17

New Jersey

Northeast · Updated 2026-06-20

New Jersey averages $13.9 per lead, placing it in the upper half of national benchmarks. Coastal metro competition keeps acquisition costs elevated. Best month historically: Oct. Worst: Aug.

Avg CPL
$13.90
Avg CPC
$1.09
Avg CPM
$18.07
Avg CTR
1.97%
Lead-to-Close
1.81%
Cost / Appt
$63.85
Cost / Closing (est.)
$539
Campaigns
334

12-Month CPL Trend

Top objective
Conversions
Top format
Single Image
Best month
Oct
Worst month
Aug
Top audience
Lookalike (Past Leads)
Top age group
35-44
Top placement
Facebook Feed
Avg daily budget
$23

New Mexico

West · Updated 2026-06-20

New Mexico averages $10.61 per lead, placing it in the upper half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Jun. Worst: Dec.

Avg CPL
$10.61
Avg CPC
$1.21
Avg CPM
$16.71
Avg CTR
1.43%
Lead-to-Close
1.66%
Cost / Appt
$50.47
Cost / Closing (est.)
$677
Campaigns
737

12-Month CPL Trend

Top objective
Traffic
Top format
Video
Best month
Jun
Worst month
Dec
Top audience
Custom (Web Traffic)
Top age group
25-34
Top placement
Stories
Avg daily budget
$19

Nevada

West · Updated 2026-06-20

Nevada averages $10.98 per lead, placing it in the upper half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Jan. Worst: May.

Avg CPL
$10.98
Avg CPC
$0.35
Avg CPM
$14.94
Avg CTR
2.29%
Lead-to-Close
1.77%
Cost / Appt
$59.97
Cost / Closing (est.)
$658
Campaigns
851

12-Month CPL Trend

Top objective
Lead Generation
Top format
Collection
Best month
Jan
Worst month
May
Top audience
Lookalike (Past Leads)
Top age group
45-54
Top placement
Stories
Avg daily budget
$21

New York

Northeast · Updated 2026-06-20

New York averages $16.1 per lead, placing it in the upper half of national benchmarks. Coastal metro competition keeps acquisition costs elevated. Best month historically: Mar. Worst: Oct.

Avg CPL
$16.10
Avg CPC
$0.59
Avg CPM
$18.81
Avg CTR
2.36%
Lead-to-Close
1.98%
Cost / Appt
$87.50
Cost / Closing (est.)
$1,122
Campaigns
4,193

12-Month CPL Trend

Top objective
Conversions
Top format
Collection
Best month
Mar
Worst month
Oct
Top audience
Lookalike (Past Leads)
Top age group
45-54
Top placement
Stories
Avg daily budget
$25

Ohio

Midwest · Updated 2026-06-20

Ohio averages $6.3 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Dec. Worst: Aug.

Avg CPL
$6.30
Avg CPC
$1.39
Avg CPM
$11.61
Avg CTR
1.12%
Lead-to-Close
1.15%
Cost / Appt
$23.48
Cost / Closing (est.)
$197
Campaigns
471

12-Month CPL Trend

Top objective
Lead Generation
Top format
Single Image
Best month
Dec
Worst month
Aug
Top audience
Saved (Demographic)
Top age group
35-44
Top placement
Facebook Feed
Avg daily budget
$12

Oklahoma

South · Updated 2026-06-20

Oklahoma averages $5.6 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Feb. Worst: Apr.

Avg CPL
$5.60
Avg CPC
$0.61
Avg CPM
$13.31
Avg CTR
1.91%
Lead-to-Close
1.02%
Cost / Appt
$25.54
Cost / Closing (est.)
$274
Campaigns
430

12-Month CPL Trend

Top objective
Lead Generation
Top format
Collection
Best month
Feb
Worst month
Apr
Top audience
Saved (Demographic)
Top age group
25-34
Top placement
Instagram Feed
Avg daily budget
$10

Oregon

West · Updated 2026-06-20

Oregon averages $12.0 per lead, placing it in the upper half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Jul. Worst: Apr.

Avg CPL
$12.00
Avg CPC
$0.73
Avg CPM
$17.06
Avg CTR
2.07%
Lead-to-Close
1.83%
Cost / Appt
$64.96
Cost / Closing (est.)
$739
Campaigns
101

12-Month CPL Trend

Top objective
Lead Generation
Top format
Carousel
Best month
Jul
Worst month
Apr
Top audience
Custom (Web Traffic)
Top age group
45-54
Top placement
Instagram Feed
Avg daily budget
$22

Pennsylvania

Northeast · Updated 2026-06-20

Pennsylvania averages $8.77 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Mar. Worst: Oct.

Avg CPL
$8.77
Avg CPC
$0.79
Avg CPM
$15.66
Avg CTR
2.09%
Lead-to-Close
1.55%
Cost / Appt
$40.63
Cost / Closing (est.)
$423
Campaigns
225

12-Month CPL Trend

Top objective
Conversions
Top format
Collection
Best month
Mar
Worst month
Oct
Top audience
Lookalike (Past Leads)
Top age group
45-54
Top placement
Stories
Avg daily budget
$16

Rhode Island

Northeast · Updated 2026-06-20

Rhode Island averages $9.59 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Apr. Worst: Nov.

Avg CPL
$9.59
Avg CPC
$0.57
Avg CPM
$14.09
Avg CTR
1.25%
Lead-to-Close
1.66%
Cost / Appt
$42.90
Cost / Closing (est.)
$515
Campaigns
734

12-Month CPL Trend

Top objective
Traffic
Top format
Collection
Best month
Apr
Worst month
Nov
Top audience
Custom (Web Traffic)
Top age group
35-44
Top placement
Instagram Feed
Avg daily budget
$19

South Carolina

South · Updated 2026-06-20

South Carolina averages $9.0 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Jun. Worst: May.

Avg CPL
$9.00
Avg CPC
$0.56
Avg CPM
$14.65
Avg CTR
1.85%
Lead-to-Close
1.62%
Cost / Appt
$33.57
Cost / Closing (est.)
$273
Campaigns
467

12-Month CPL Trend

Top objective
Traffic
Top format
Carousel
Best month
Jun
Worst month
May
Top audience
Custom (Web Traffic)
Top age group
35-44
Top placement
Facebook Feed
Avg daily budget
$18

South Dakota

Midwest · Updated 2026-06-20

South Dakota averages $6.1 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Oct. Worst: Jul.

Avg CPL
$6.10
Avg CPC
$1.32
Avg CPM
$12.70
Avg CTR
1.33%
Lead-to-Close
1.15%
Cost / Appt
$32.96
Cost / Closing (est.)
$388
Campaigns
117

12-Month CPL Trend

Top objective
Lead Generation
Top format
Collection
Best month
Oct
Worst month
Jul
Top audience
Custom (Web Traffic)
Top age group
25-34
Top placement
Reels
Avg daily budget
$11

Tennessee

South · Updated 2026-06-20

Tennessee averages $6.83 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Aug. Worst: Oct.

Avg CPL
$6.83
Avg CPC
$0.49
Avg CPM
$12.60
Avg CTR
2.21%
Lead-to-Close
1.16%
Cost / Appt
$31.48
Cost / Closing (est.)
$401
Campaigns
513

12-Month CPL Trend

Top objective
Lead Generation
Top format
Carousel
Best month
Aug
Worst month
Oct
Top audience
Custom (Web Traffic)
Top age group
35-44
Top placement
Reels
Avg daily budget
$13

Texas

South · Updated 2026-06-20

Texas averages $7.68 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Aug. Worst: Oct.

Avg CPL
$7.68
Avg CPC
$0.85
Avg CPM
$15.17
Avg CTR
1.88%
Lead-to-Close
1.45%
Cost / Appt
$28.33
Cost / Closing (est.)
$342
Campaigns
449

12-Month CPL Trend

Top objective
Lead Generation
Top format
Single Image
Best month
Aug
Worst month
Oct
Top audience
Lookalike (Past Leads)
Top age group
45-54
Top placement
Reels
Avg daily budget
$17

Utah

West · Updated 2026-06-20

Utah averages $11.15 per lead, placing it in the upper half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Oct. Worst: Jul.

Avg CPL
$11.15
Avg CPC
$0.35
Avg CPM
$14.61
Avg CTR
1.38%
Lead-to-Close
1.76%
Cost / Appt
$42.48
Cost / Closing (est.)
$415
Campaigns
271

12-Month CPL Trend

Top objective
Lead Generation
Top format
Carousel
Best month
Oct
Worst month
Jul
Top audience
Lookalike (Past Leads)
Top age group
45-54
Top placement
Reels
Avg daily budget
$21

Virginia

South · Updated 2026-06-20

Virginia averages $6.87 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Sep. Worst: Oct.

Avg CPL
$6.87
Avg CPC
$0.98
Avg CPM
$11.67
Avg CTR
2.16%
Lead-to-Close
1.21%
Cost / Appt
$29.49
Cost / Closing (est.)
$302
Campaigns
464

12-Month CPL Trend

Top objective
Lead Generation
Top format
Carousel
Best month
Sep
Worst month
Oct
Top audience
Custom (Web Traffic)
Top age group
25-34
Top placement
Reels
Avg daily budget
$15

Vermont

Northeast · Updated 2026-06-20

Vermont averages $9.46 per lead, placing it in the lower half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Oct. Worst: Sep.

Avg CPL
$9.46
Avg CPC
$0.75
Avg CPM
$15.74
Avg CTR
2.36%
Lead-to-Close
1.65%
Cost / Appt
$45.94
Cost / Closing (est.)
$525
Campaigns
238

12-Month CPL Trend

Top objective
Lead Generation
Top format
Video
Best month
Oct
Worst month
Sep
Top audience
Lookalike (Past Leads)
Top age group
45-54
Top placement
Facebook Feed
Avg daily budget
$19

Washington

West · Updated 2026-06-20

Washington averages $14.3 per lead, placing it in the upper half of national benchmarks. Coastal metro competition keeps acquisition costs elevated. Best month historically: Feb. Worst: Dec.

Avg CPL
$14.30
Avg CPC
$0.78
Avg CPM
$16.72
Avg CTR
1.16%
Lead-to-Close
1.86%
Cost / Appt
$53.22
Cost / Closing (est.)
$715
Campaigns
508

12-Month CPL Trend

Top objective
Traffic
Top format
Collection
Best month
Feb
Worst month
Dec
Top audience
Lookalike (Past Leads)
Top age group
45-54
Top placement
Stories
Avg daily budget
$24

Wisconsin

Midwest · Updated 2026-06-20

Wisconsin averages $6.94 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Jan. Worst: Jun.

Avg CPL
$6.94
Avg CPC
$0.87
Avg CPM
$14.65
Avg CTR
1.94%
Lead-to-Close
1.31%
Cost / Appt
$28.90
Cost / Closing (est.)
$253
Campaigns
88

12-Month CPL Trend

Top objective
Conversions
Top format
Video
Best month
Jan
Worst month
Jun
Top audience
Saved (Demographic)
Top age group
35-44
Top placement
Stories
Avg daily budget
$14

West Virginia

South · Updated 2026-06-20

West Virginia averages $5.1 per lead, placing it in the lower half of national benchmarks. Lower CPM rates and reduced advertiser saturation contribute to favorable acquisition economics. Best month historically: Mar. Worst: May.

Avg CPL
$5.10
Avg CPC
$1.28
Avg CPM
$13.27
Avg CTR
1.12%
Lead-to-Close
1%
Cost / Appt
$24.26
Cost / Closing (est.)
$306
Campaigns
790

12-Month CPL Trend

Top objective
Conversions
Top format
Video
Best month
Mar
Worst month
May
Top audience
Saved (Demographic)
Top age group
45-54
Top placement
Stories
Avg daily budget
$10

Wyoming

West · Updated 2026-06-20

Wyoming averages $10.41 per lead, placing it in the upper half of national benchmarks. Performance tracks closely with the national median, with seller campaigns running ~20% higher than buyer campaigns. Best month historically: Nov. Worst: Jul.

Avg CPL
$10.41
Avg CPC
$1.13
Avg CPM
$13.82
Avg CTR
1.68%
Lead-to-Close
1.74%
Cost / Appt
$42.15
Cost / Closing (est.)
$585
Campaigns
669

12-Month CPL Trend

Top objective
Conversions
Top format
Collection
Best month
Nov
Worst month
Jul
Top audience
Lookalike (Past Leads)
Top age group
35-44
Top placement
Stories
Avg daily budget
$19
Section III

Methodology & Data Provenance

Primary platform data. Headline benchmarks — daily budget range ($10–$25), buyer CPL ($6–$8), seller CPL ($8–$23), and lead-to-closed-deal conversion rate (1–2%) — are aggregated from real estate advertiser accounts running through Walled Garden's compliant ad infrastructure [1]. No self-reported data is included.

Third-party benchmarks. Industry comparisons reference WordStream/LocaliQ Facebook Ads Industry Benchmarks (real-estate vertical) [2], Hootsuite Facebook Advertising Benchmarks [3], Revealbot Facebook Ads Cost Report [4], AdEspresso Facebook Ads Cost Study [5], and Statista U.S. Facebook CPM data [10]. Full citations are listed in Sources.

State-level estimates. The cartogram, rankings table, and per-state reports are modeled estimates. They blend Walled Garden platform aggregates [1] with published Meta CPM and CPC variance by metro [10,4]. These figures are directional and should not be treated as audited per-state averages. They are published to give practitioners a reasonable basis for comparison, not for academic citation.

Show the math — from state to metro. Anything published at metro level derives from this dataset by one printed multiplication:

metro value = state benchmark × metro cost factor

Every metro cost factor is printed alongside its figure, so any metro number on this site can be re-derived by hand from the state row above it. The factors, the resulting figures, and the open dataset live in the Metro Cost Per Lead Report.

What the model does not capture. Creative quality, offer strength, landing-page conversion rate, follow-up speed, and account history all move real cost per lead more than geography does. Use these figures to set a starting budget range, then replace them with your own delivery data after 30 days.

Compliance frame. All Walled Garden campaigns referenced here are registered under Meta's Special Ad Category for Housing [7], which restricts age, gender, and ZIP-radius targeting to comply with the Fair Housing Act [9].

Normalization. All currency values normalized to USD. Lead counts deduplicated by email + phone across the 7-day click / 1-day view attribution window. CPL recalculated as spend ÷ deduplicated leads. Learning-phase exits computed per Meta's published 50-event / 7-day requirement [8].

Exclusions. Boosted posts, brand-awareness-only campaigns, test campaigns under $50 lifetime spend, campaigns flagged for delivery errors, and campaigns missing geographic targeting metadata.

Update cadence. Platform aggregates refresh monthly; modeled state rollups refresh quarterly; year-over-year rollups refresh annually each January.

Section IV

Sources & Citations

Every benchmark on this page is footnoted to one of the sources below. Numbers in brackets — e.g. [2] — link back to this section.

  1. [1]
    Walled Garden HQ — Aggregated Platform Data · 2024–2026

    Internal aggregated metrics across real estate Facebook & Instagram campaigns running on the Walled Garden ad infrastructure.

    https://walledgardenhq.com/research

  2. [2]
    WordStream / LocaliQ — Facebook Ads Industry Benchmarks (Real Estate) · 2024

    https://www.wordstream.com/blog/ws/2022/02/28/facebook-advertising-benchmarks

  3. [3]
    Hootsuite — Facebook Advertising Benchmarks Report · 2024

    https://blog.hootsuite.com/facebook-ads-cost/

  4. [4]
    Revealbot — Facebook Ads Cost Report (Real Estate vertical) · 2024

    https://revealbot.com/facebook-advertising-costs

  5. [5]
    AdEspresso by Hootsuite — Facebook Ads Cost Study · 2023

    https://adespresso.com/blog/facebook-ads-cost/

  6. [6]
    National Association of REALTORS® — Member Profile & Technology Survey · 2024

    https://www.nar.realtor/research-and-statistics

  7. [7]
    Meta Business Help Center — Special Ad Category for Housing · 2025

    https://www.facebook.com/business/help/298000447747885

  8. [8]
    Meta Business Help Center — About the Learning Phase · 2025

    https://www.facebook.com/business/help/112167992830700

  9. [9]
    U.S. Dept. of Housing and Urban Development — Fair Housing Act · 2024

    https://www.hud.gov/program_offices/fair_housing_equal_opp/fair_housing_act_overview

  10. [10]
    Statista — Average CPM on Facebook in the United States · 2024

    https://www.statista.com/statistics/940459/facebook-ad-cpm-by-country/

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Section V

Frequently Asked Questions

On the Walled Garden platform, buyer-lead campaigns average $6–$8 per lead and seller-lead campaigns average $8–$23 per lead [1]. Third-party industry benchmarks for the broader real-estate vertical report averages near $16.52 (WordStream/LocaliQ, 2024) [2] and $10–$15 (Revealbot, 2024) [4]. A 'good' CPL is highly state-dependent.

California averages $18.40 per lead — the highest in the country — driven by auction density in coastal metros (LA, SF, San Diego), elevated CPMs, and competition from teams, brokerages, lenders, and iBuyers bidding on the same audiences.

Lead Forms produce 30–55% lower CPL on average but deliver lower-intent leads. Landing pages produce higher-intent prospects at 1.4–2.1× the CPL. Seller campaigns generally perform better on landing pages; buyer campaigns perform better in Lead Forms.

Advantage+ Shopping is not available for housing under Meta's Special Ad Category, but Advantage+ Audience and Advantage+ Placements are permitted and improve CPL by 12–22% on average in our dataset.

Aggregated metrics refresh monthly. State-level rollups refresh quarterly. The 'Last Updated' date in the header reflects the most recent recalculation.

On the Walled Garden platform, the typical daily budget per active campaign ranges from $10 to $25 [1]. That translates to roughly $300–$750/month per solo agent and $2,000–$10,000+/month for teams. The minimum useful spend per campaign is roughly 7× your target CPL per week to give the algorithm enough exit events to leave the learning phase [7].

In order of impact: (1) geographic market (CPM varies 3×+ by metro), (2) campaign type (seller > buyer > land), (3) creative quality and refresh cadence, (4) audience size — Special Ad Category requires minimum 1-mile/15-mile radius and forbids age/gender targeting, (5) landing page conversion rate.

Google Ads typically delivers 2–4× higher CPL but higher-intent leads (active searchers). Facebook excels at top-of-funnel brand awareness and seller leads where intent is harder to capture via search. Most successful agents run both.

Average can be skewed by a small number of very high or very low campaigns. Median is the middle value — a more robust indicator of what a typical advertiser experiences. Use median for budgeting and average for total-spend modeling.

No. Boosted posts are excluded because they cannot be configured to comply with the Special Ad Category (no landing pages, no Lead Forms with custom questions, restricted optimization).

A lead is a completed Facebook Lead Form submission, a CRM lead created via Conversions API, or a landing-page form submission attributed to a Meta click within the 7-day click / 1-day view window.

No. All metrics are pulled programmatically from Meta Marketing API on accounts running through Walled Garden infrastructure. Self-reported data is excluded to maintain accuracy.

Seller leads require more commitment (sharing a property address, contact info, valuation request). Lower form completion rates produce higher CPL, but seller leads close at 3–5× higher rates than buyer leads.

Nationally, CPMs are lowest in January and February (low advertiser competition) and highest in October and November (Q4 e-commerce competition). Lead volume peaks in March–May.

Single-image listing ads remain the highest-converting format for buyer leads. Carousel ads outperform for seller and valuation campaigns. Video Reels deliver the lowest CPM but lower-intent leads.

Meta's learning phase requires ~50 optimization events per ad set within 7 days. For lead campaigns at $10 CPL, that means roughly $500/week per ad set to exit learning.

1.74% nationally in 2026, down from 1.92% in 2024. Reels-led placements average 2.1%; Facebook feed averages 1.4%.

$11.20 nationally. Range: $6.50 (rural Midwest) to $19+ (San Francisco, Manhattan, Boston).

Florida sees heavy seasonal advertiser competition from out-of-state investors, snowbird buyer agents, and second-home brokerages, particularly Oct–April. Texas advertiser density is more spread across primary residence buyers.

Lookalike Audiences are unavailable in the Housing category, and Meta's earlier substitute, Special Ad Audiences, was discontinued in 2022. What remains is Custom Audiences built from your own first-party data (CRM lists, website visitors, engagement), location targeting with the 15-mile minimum radius, and broad delivery. Interest-based targeting is limited and underperforms in this dataset; age, gender and exclusion targeting are unavailable for housing. This is general information, not legal advice.

Instagram delivers lower CPL for buyer campaigns; Facebook outperforms for seller, valuation, and 55+ demographic campaigns. Most successful campaigns use Advantage+ Placements to let Meta allocate automatically.

Cost per Appointment = total ad spend ÷ number of leads that converted to scheduled showings, listing presentations, or buyer consultations. Industry average sits at 3.5–5.5× the CPL.

Multiply your CPL by the inverse of your lead-to-close rate. On the Walled Garden platform, the average lead-to-closed-deal conversion rate is 1–2% [1]. At a $7 CPL and a 1.5% lead-to-close, cost per closing ≈ $467; at a $15 seller CPL and 1.5%, ≈ $1,000.

The Special Ad Category for Housing restricts targeting — no age, gender, ZIP code under 15 miles, or narrow interest combinations — to comply with the Fair Housing Act [9]. All housing-related ads must declare this category [7].

Yes. The 2026 national average ($8.50) is 24% higher than 2024 ($6.84), driven primarily by CPM inflation (+33%) rather than CTR decline.

Generally no. Multi-state campaigns increase audience size but often reduce relevance scores. Single-market campaigns with tight geographic radii outperform on conversion rate, even at higher CPL.

Mississippi averages $4.90 per lead — the lowest in the country — followed by West Virginia ($5.10) and Arkansas ($5.20).

California ($18.40), followed by Hawaii ($17.00), New York ($16.10), and the District of Columbia ($15.80).

Yes. Without a CRM that tracks lead → appointment → contract → close, you cannot calculate cost per closing — and CPL alone is a misleading metric. Most reported failures of Facebook ads are actually attribution failures.

All metrics are aggregated from Meta Marketing API across thousands of real estate advertiser accounts running through Walled Garden's compliant ad infrastructure. See the Methodology section for normalization, exclusions, and confidence intervals.

Yes — please link to walledgardenhq.com/research/facebook-lead-costs-by-state and reference 'Walled Garden 2026 Real Estate Facebook Lead Cost Benchmark Report'.
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Walled Garden HQ. 2026 Real Estate Facebook Lead Cost Benchmark Report. Updated 2026-06-20. walledgardenhq.com/research/facebook-lead-costs-by-state