It is the largest settlement in Strandir and serves as a centre of commerce for the county.

[1] Hólmavík is home to the Museum of Icelandic Sorcery and Witchcraft[2] and the Holmadrangur shrimp processing plant.

[4] Well-known people from Hólmavík include the poet Stefán frá Hvítadal and the musician Gunnar Þórðarson of the band Hljómar.

The artist Einar Hákonarson has a studio and a home in Hólmavík.

[5] Near Húsavík and Tröllatunga, two farms in the South of Hólmavík, lignite and iron ore were exploited in former times, and some fossils from the Tertiary period were found there as well.