[citation needed] Citing concerns of annexation by Jefferson City, New Market would reincorporate as a town in 1977.

[12] In 2009, Norfolk Southern Railway released plans of a proposed 1,300 acres (5.3 km2) intermodal freight transport truck-and-train facility in New Market as a part of the US$2.5 billion Crescent Corridor project in a US$133 million private-public partnership with state and Jefferson County officials.

[13] The project received extensive NIMBY backlash from an organized group of affected property owners and farmers, citing the massive loss of land as a negative impact on Jefferson County's agricultural industry.

[15] The project would also have required the funding of at least US$23 million dollars in off-site costs, such as transportation and utility infrastructure upgrades.

Norfolk Southern officials corrected this falsehood, saying that the company would fund the infrastructure upgrades rather than any government entity.

According to the United States Census Bureau, New Market has a total area of 4.1 square miles (10.7 km2), all land.

[7] The town sits in the valley of Lost Creek, a west-flowing tributary of the Holston River.