The family's weekend plans include attending a wedding Saturday evening.
The president and first family landed at O'Hare Airport shortly before 7 p.m. Friday before flying to the South Side aboard Marine One and arriving by motorcade at their home in the 5000-block of S. Greenwood.
"It was kind of exciting. I was a little disappointed I didn't see a wave," said neighborhood resident Ali Ahmadi.
Later, the Obamas were spotted shaking neighbors' hands and posing for photos, the president in a shirt and slacks, the first lady in a skirt and sleeveless top.
They were headed on foot to a gathering at the nearby home of friend Marty Nesbitt.
Saturday, the Obamas will attend the wedding of Laura Jarrett, the daughter of White House senior advisor Valerie Jarrett, who Friday night was making last minute preparations for the backyard wedding at her house a block from the Obama's home.
"I know this weekend is going to be very busy, but for the time being, we're just happy that he's here and we'll welcome him home," said Kenwood neighborhood resident Carla Askew.
The wedding invite list is a closely-guarded secret.
Not attending is Obama campaign senior advisor David Axelrod and wife Susan, who hosted their own gathering at Navy Pier Friday night, raising $1 million for epilepsy research.
"Laura is a beautiful, brilliant, nice young woman," Alexrod said. "And I hope for nothing but the best for her. And I'm sure she'll get it because she deserves it."
Though Chicago police declined to discuss deployments, the police union said 100 or more officers will be diverted from other parts of the city to assist in presidential security, this as some other South Side neighborhoods have witnessed a spate of shootings and several downtown beatings have made headlines.
Friday, the police union again called on the city to hire more officers.
"It's challenging for the community," said Fraternal Order of Police's Michael Shields. "But it's also challenging to the individual Chicago police officers out there in the beats when they're calling for backup, and their backup is out on a detail.