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Homan Square Real Estate and Neighborhood Information

Get to know Homan Square

A neighborhood which first came to prominence as a refuge from the Great Chicago Fire, only to be nearly destroyed by arson a century later, Homan Square proudly stands today as one of the city's prime examples of urban renewal and revitalization. New commercial and residential development, coupled with strong support from the city and private investors, has made Homan Square a thriving community with a shopping, dining and entertainment scene. The modern homes, green commons and planned layout of the neighborhood provide a pleasant and spacious backdrop that is rather rare in Chicago. Homan Square incorporates curving drives and mini-subdivisions – a nice change to the city's conventional grid-like block arrangement. A public community center is the icing on the cake for Homan Square residents. The campus offers family, health, recreation and education services in a beautiful indoor facility that even boasts an Olympic-size swimming pool and state-of-the-art exercise equipment.

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Homan Square Real Estate

As a planned community, much of Homan Square’s residential streets follow a well-designed layout that strays from Chicago’s typical grid-like pattern. Instead, homes here surround large grass-filled commons and are accessed from private drives that cut across the larger through-traffic blocks. A variety of housing styles and sizes were built to accommodate a range of families and the extra green space between the residential complexes provide plenty or room for the kids to run about and play. A good portion of the detached single-family homes were modeled after the traditional big city townhouse but incorporate the modern amenities found in today’s most desirable real estate—extra-tall ceilings, hardwood flooring, granite countertops and stainless steel appliances in the kitchen, and private garage parking. What more could you want?

In addition to the more contemporary structures in Homan Square neighborhood, there are still quite a good number or older brick buildings that have been upgraded and renovated into comfortable, affordable condominiums. These one- and two-bedroom units start around $50,000, but don’t include a parking space. Once you get into the mid and upper $100,000s, you get a designated street parking spot thrown in with the purchase of the property—not bad.

The creation of new housing on the grounds of the former Sears headquarters initially relied on subsidies from the city, which permitted the sale of single-family homes at prices as low as $35,000. As families returned to the once-abandoned neighborhood and word of the beautiful real estate spread, subsidies were lowered and prices increased. In the final phase of new home construction, residences were built without subsidy and sold at market rates as high as $185,000. With the addition of 150 rental units in 1999, the Shaw Company fulfilled its plan to create an even mix of owner-occupied and rental homes for Homan Square.

These days real estate values are a bit higher in this well-maintained west side Chicago neighborhood. For the most part, the newer detached Homan Square homes range from the mid $200,000s to the low $400,000s. And to buy a condo, homeowners are looking at prices between $50,000 and the mid $200,000s.

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