[1] A livestock market is held here three times a week and each summer the world's largest Lambeg drumming contest takes place in the village.

The village sprang up within the townland of Coolmallish or Coolmillish (Irish: Cúil Mheallghuis),[3] on the road between Armagh and Newry.

The building was last used as a courthouse in 1952, was purchased by Markethill District Enterprises Ltd in June 1997, after lying vacant for 25 years.

[12] It was located on the Armagh to Goraghwood section of line run by the Great Northern Railway of Ireland.

Markethill is classified as a village by the Northern Ireland Statistics and Research Agency (NISRA) (i.e. with population between 1,000 and 2,499 people).

[13] On census day (27 March 2011) the usually resident population of Markethill Settlement was 1,647, accounting for 0.09% of the NI total.

[citation needed] The mill was purchased by Spence, Bryson & Co. Ltd in 1909 and remained operational until 1991 when it was badly damaged by an IRA bomb.