The village has a significant summer population, and has long been a quiet enclave of the rich and famous.

The village was once so popular as a summer resort among Philadelphians, including members of the Clark banking family, that it was sometimes known as "Philadelphia on the rocks".

[3] In December 1966, a fire destroyed Wallace's Esso Garage, the Pastime Theater, the Hillcrest Market, and Mrs. Flye’s Sandwich Shop.

[4] In 2008, a fire destroyed three buildings on Main Street — Colonel's Deli and its upstairs apartments, and two art galleries.

The vacancies, along with a dwindling year-round population, led to the founding of the nonprofit community development organization MD365, which creates affordable housing and other incentives to attract new businesses and residents.