Despite shifting geopolitical conditions and ongoing discussions about tariffs, golf course owners are expected to experience continued strength in 2025. Recent reports from the Leisure Investment Properties Group (LIPG) and the National Golf Foundation (NGF) suggest a promising outlook for the industry.
According to LIPG’s 2025 “Golf Investment Report,” released on February 28, the market remains favorable for sellers after four years of growth fueled by increased golf participation and investor interest. Executive Managing Director Steven Ekovich noted, “We have not seen operations this strong or average prices this high since 2006, the year before the Great Recession. Golf has regained much of the ground lost during the prolonged downturn from 2007 through 2023.”
Economic conditions have driven an increase in golf course transactions, with 92 recorded sales in 2024—a 9.5% rise from the previous year. Additionally, the average sale price rose to $6,870,417, while the median sale price increased to $3,025,000, marking year-over-year gains of 38% and 22.7%, respectively. These values have now returned to levels last seen in 2007. LIPG attributes this growth to improved operational performance and a shift in investor sentiment, with golf now perceived as a resilient and profitable asset. LIPG Associate Advisor Kody Tibbetts highlighted this trend, noting that golf investment has seen significant capital inflows not witnessed since the “Tiger Boom” of the early-to-mid-2000s.
The NGF’s annual “U.S. Golf Facility Supply Trend” report supports this optimistic outlook. For the first time since 2022, the U.S. golf industry experienced a net gain in facilities, with six new venues and 17 additional courses opening in 2024. Moreover, the number of course closures declined for the fifth consecutive year, reaching its lowest level since 2004, when 63 courses shuttered.
Historically, the golf market expanded rapidly, adding over 4,000 courses between 1986 and 2005, driven by real estate development. However, the 2008 financial crisis and subsequent recession led to an industry contraction, with more than 2,000 courses closing over nearly two decades. By the end of 2024, the total number of golf courses in the U.S. stood at 15,962, with 13,952 facilities.
According to the NGF, this newfound stability marks a shift toward a more sustainable growth model. “The current momentum suggests that the trend in supply stability has legs, indicating that the industry has matured beyond its boom-and-bust cycle into a more balanced phase,” the report stated.
Looking ahead, the key question remains: how will changing political dynamics and potential tariffs impact the golf industry’s favorable trajectory? While challenges remain, the overall outlook for course owners in 2025 is one of continued strength and opportunity.
