It’s been a record-breaking stretch for golf course sales — but the pace, the players and the priorities are shifting.
Valuations remain strong. Buyer interest is still high. But after a flurry of high-profile deals in 2023 and 2024, the market in 2025 is starting to look more selective. Trophy courses are trading less frequently. Financing is evolving. And new types of investors are eyeing the space, looking for value, scale and long-term upside.
Golf Inc. explores what’s next for the golf investment market. Jeff Woolson of CBRE kicks things off with a look at current trends and buyer behavior, followed by insights from leaders across brokerage, finance, operations and ownership. Together, they break down what’s selling, what’s slowing and what today’s buyers are really looking for.
If you’re planning a sale — or just want to better understand how top deals come together — this is where to start.
By Jeff Woolson and Brandon Schempp
Managing Director and First Vice President
CBRE Golf & Resort Properties
After 35 years in the golf course brokerage business, the CBRE Golf & Resort Properties group has witnessed every cycle — booms, busts and everything in between. In 2025, we find ourselves in a unique and exciting chapter. Golf participation is soaring to record levels, and the game’s cultural relevance has never been stronger. While the pace of high-end, cash-flowing course transactions has eased following the rapid-fire activity of 2023 and 2024, the appetite for golf assets remains intense. Buyers are more plentiful than ever — and they’re still hungry. From private equity to family offices, it seems everyone wants a piece of the golf and golf tourism market.
Golf participation is still booming
Let’s start with the good news: golf is thriving. Participation across both on-course and off-course formats has never been stronger. In 2024, a record 47.2 million Americans played golf, including 28.1 million on-course golfers (the highest total since 2008) and 19.1 million who engaged exclusively in off-course formats such as simulators and entertainment venues. The game is reaching new demographics in a big way: youth participation has jumped 48% since 2019, female participation is up 41% and participation among Black golfers has surged by 123%. Off-course venues continue to bring new players into the fold, many of whom are transitioning to on-grass golf.
This surge in participation has translated into 545 million…
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