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Existing research finds price premiums for homes adjacent to golf courses, but this research fails to empirically examine if the premium is due to the presence of golf or non-golf-related benefits golf courses provide such as large open spaces free of noise and congestion. Using a difference-in-difference design on homes near a golf course that closed in Denver, Colorado, there is no evidence that losing a golf course results in lower sales prices for adjacent homes. Since prices do not fall when golf is taken away, the data support the hypothesis that non-golf benefits of courses command previously observed premiums.

Golf courses and property prices: Is it the golf or the open space?