The district was added to the National Register of Historic Places in 2003 and reflects a period of substantial economic growth in Vermillion, as well as for its representation of late 19th and early 20th century architectural styles.

Following fires in 1890 and 1893, wooden structures on Main and Market Streets had been banned by the city council; as a result, buildings were constructed out of sturdier materials and have survived to the present day.

Earlier buildings typically reflect Classical Revival, and those built after the beginning of the 20th century often used Early Commercial style.

Regionally-notable architects Wallace L. Dow and Joseph Schwartz contributed to the building of two district properties previously listed with the NRHP.

Thirty-three buildings were included in the original nomination, and 100 East Main Street was added later, after renovations restored it to its historical appearance.