Golf has seen remarkable growth in recent years, creating a strong seller’s market for courses and facilities. Investors are willing to pay top dollar to be part of this booming industry.
According to Leisure Investment Properties Group, the average sale price for golf courses reached over $6.87 million last year—a 38% jump from just under $5 million in 2023. The last time prices were this high was in 2007, just before the financial crisis.
“The golf industry is experiencing unprecedented growth, with more participation, rising revenues, and strong investor demand,” the report highlighted.
The median sale price of golf courses also climbed nearly 23%, reaching over $3 million compared to $2.5 million the previous year.
This surge in value is partly due to investors moving away from traditional real estate sectors like apartments, retail, and office buildings, according to Steven Ekovich, executive managing director at Leisure Investment Properties Group. He noted that both public and private equity firms are actively seeking opportunities in golf.
“Major buyers are directly reaching out to clubs that fit their criteria,” Ekovich said in an email. “Golf is thriving again—it took 18 years for course prices to recover.”
The National Golf Foundation reported record participation, with 28.1 million Americans playing in 2024, the highest number since 2008. The sport has also become more diverse, with women making up 28% of golfers and 25% identifying as Black, Asian, or Hispanic—both record highs.
After years of decline, the number of golf courses in the U.S. is finally increasing. Since 2022, six new facilities and 17 courses have been added, a stark contrast to the thousands of closures following the Great Recession.
In the past decade, many cities and local governments shut down publicly funded courses that were seen as financial burdens, redirecting taxpayer money toward other recreational activities. However, as golf’s popularity has rebounded, private subscription-based models have become the most viable way to fund new courses.
“Most of the new courses being developed are high-end private clubs,” Ekovich said. “Many private courses now have waiting lists, so the demand is there.”
Rising Costs for Golf Clubs
Club Benchmarking, a firm that analyzes private club operations, found that golf clubs are planning to raise dues in 2025, with a median increase of 5%. While this is lower than the 9% increase seen in 2023, it’s still higher than the pre-pandemic average of 3%.
Initiation fees are also climbing, reaching a median of $50,000 last year—up from $45,000 in 2023 and doubling from $25,000 in 2019.
Waitlists for private clubs continue to grow, with 51% of clubs reporting a waitlist in 2024, up from 49% in 2022 and just 25% in 2019.
“We expect this trend to continue for the foreseeable future,” said Chris Davis, director of data analytics at Club Benchmarking.
Information from: https://www.bizjournals.com/jacksonville/news/2025/03/23/golf-course-country-club-investors-real-estate.html
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