Midwest Golf Courses Are Hot Assets Again: What’s Driving Valuations in 2025 

The Midwest has quietly become a powerhouse in the golf real estate sector.

With reinvestments into courses, long waiting lists for memberships, and attractive cap rates in comparison to traditional commercial assets, investors are turning their attention to the tee box, and they are finding plenty of opportunities.

Golf courses in the Midwest are hot assets again; here’s what is driving valuations in 2025.

Participation Boom 

A participation boom is an understatement with 28.1 million Americans hitting the links in 2024, the highest since 2008.

‍“Golf’s course correction is over,” according to The National Golf Foundation (NGF) whose annual US Golf Facility Supply Trend study showed for the first time since 2022 that the industry as a whole boasted net gains in the number of new facilities and courses that opened in the States. 

An average of 27,598 rounds were played in 2024, up from 26,127 rounds in 2023 and 20,000 in 2019. This makes five straight years of growth in the past six golf seasons.

And after this record number of rounds played in the last three or four years, as of September 4th, the NGF reported the golf industry is headed for another record-setting year. 

With more players hitting the fairways, Midwest golf courses are seeing a significant uptick in club membership interest. Waiting lists are becoming long, providing more reinvestment opportunities for clubs, driving up the value for these courses.

Rollie Carlson, managing director for the Upper Midwest chapter of the Club Management Association of America, shares, “As clubs become full with a waiting list, or close to it, that provides the opportunity to look for improvements. And a lot of the funding to conduct those [projects] comes from the initiation fees of new members.” 

Course Revitalization 

Interlachen Country Club in Edina, MN is one example, investing in a $30 million renovation project that began in 2023.

Along with a new athletic facility, family-friendly dining area, and renovations to the tennis and pool areas, the club also completed a $7 million renovation to the golf course, which then took home Golf Digest’s 2024 award for best renovated golf course.

The renovations have paid off as Joel Livingood, Club Manager at Interlachen, says, “As we reinvested in our experience here at the club, we have seen tremendous feedback from our membership, both in terms of how much and how often they use the club.” 

The Heritage Golf Group

The Heritage Golf Group, which owns 43 courses across the nation, has also seen opportunities in the Midwest market, acquiring four private country clubs in the Midwest, including Boulder Ridge Country Club in Illinois and River Club of Mequon in Wisconsin — and both courses have undergone a major revitalization under Heritage.

Brad Gregorin, PGA Director of Golf at Boulder Ridge says, “Since acquiring Boulder Ridge, Heritage Golf Group has made a significant and visible impact on the member experience… from clubhouse enhancements and elevated dining options to course conditioning and member-focused programming.” 

The River Club of Mequon has also enjoyed similar improvements with improved turf conditions, bunker renovations, and upgraded practice facilities that received glowing praise from players and WSGA officials during their recent State Amateur Qualifier event. 

“Best Value” Courses 

With luxury renovations, challenging yet accessible playability, and more affordability compared to its coastal counterparts, Midwest courses continue to snag top spots on “Best Courses” lists, including GolfPass’ “Best Value Golf Courses 2025” which featured the following top 3 courses:

1. Missouri’s Mozingo Lake Recreation Park Golf Course
2. Old Hickory Country Club in Wisconsin
3. Hills of Lenawee Golf Club & Banquet Center in Michigan

Golden Eagle Golf Club in Minnesota also earned a spot in the Star Tribune Readers’ Choice Minnesota’s Best competition for the fifth year in a row, earning bronze in 2021, gold in 2022 and 2023, and silver in both 2024 and 2025 in the Best Golf Course category. 

As players see the “best value” in these Midwest courses, investors like the Heritage Golf Group have taken notice and are keen on taking advantage of this booming sector.

There has been a 66% increase in golf course buyers nationwide since 2019, along with rising sale prices. The average sale price of golf courses nationwide saw a major surge, reaching $6.87 million in 2024, a substantial 38% increase from the previous year. 

This national trend is reflected in the Midwest, where a series of notable golf course sales have taken place in recent years.

Pine Mountain/Timberstone Golf Course in Michigan went on the market for $17.95 million in 2022 (Northco represented the Seller in this transaction) following the sale of Troy Burne Golf Course near Hudson which sold for a reported $6.9 million (Northco represented the Buyer in this transaction). 

In 2024, Bent Creek Golf Club in Eden Prairie sold for $3 million, followed by the $4.7 million sale of Prestwick Golf Club in Woodbury and The Wilds Golf Club in Prior Lake, which sold for $7.7 million (Northco represented the Seller in this transaction).

Golden Eagle Golf Course in Fifty Lakes, MN, which is continuously voted as Best Golf Course in Minnesota, also sold in 2024 (Northco represented the seller in this transaction and manages the property). Most recently, in 2025, Oak Hill Golf Club in Rice changed hands for $2.55 million. 

With more golfers than ever booking tee times along with course revitalization and a reputation for both value and quality, the Midwest has solidified itself as a hotspot in the golf real estate market.

And as 2025 seems to be on track for setting another record-breaking year in the golf industry, investors capitalizing on this growing market, just scored a hole-in-one.