I've been watching a site that ranks #1 for real estate in a major U.S. market for a year or more. It contains about 80 repetitions of variations on the primary keyphrase for that area. Here's how it measures up for the primary keywords:

atlanta 60 13.86%
homes 35 8.08%
real 26 6%
estate 14 3.23%

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Suzanne Stephens, Custom Design for Point2 Real Estate Web Sites
http://www.SuzStephens.com