The urban metropolis is a highly diverse place that has an almost endless variety of housing design and construction. There is going to be need for some great agents and firms for being able to categorize, price and ultimately move the home units here in large numbers. The demand or need is reliant on individual consumer or owner concerns for lived in homes.
For those who live in the largest and most iconic of cities, there will be unique values for realty or properties. This will apply to things like Chicago real estate, which is often a sector that fundamentally supports the economy here. This economy is large, and a leading one in this region and most if not all of the country.
So homes could reflect this status too and while there is always need for the most affordable units, this city is a proud place. And its residents can also have their own special needs and preferences when it comes to housing. Real properties here will actually be the most active part of an economy that is continually expanding.
This means that the demand for both new and lived in units continually go up. Thus there may either be a gap or an oversupply, depending on what the markets have in mind. The entire market may generally agree that a supply gap could mean higher prices and a glut could make for lower ones, which is natural enough.
However certain factors will affect how the supplies are for housing. And these units are not that easy to come by, they either have to be built from the ground up or are processed by brokers when an owner decides to sell his property. Space is a premium and zoning says what kind of building or structure can be put up.
These factors will affect supply or demand, and sometimes the demand may be in areas where the only way to expand is up. Thus in the more important areas in the urban region there may be more high rises. The apartment or condominium and townhouses will be the housing types that may be available or in demand.
Larger homes might be for those who really have money. And those who are on a budget, which is the majority of buyers, there will certainly be lots of stuff available. The more expensive or high end the home, chances are there are fewer buyers. Also, the price is something that may want to negotiate down to something more manageable.
Rich or economizing, the clients want bargains or discounts if they can. This means that there is the tendency for prices to group around the median ranges. Auctions though can drive up prices but these for special places which may be historical and other related values.
The upshot is that the variety is going to make house or apartment hunting that much more interesting. There is a culture that works here and this will be the most obvious thing with Chicago. The Windy City remains the premier destination for many, and a lot of money goes or passes through it as well as people.