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The Texas Legislature created Collin County on April 3rd, 1846, directing that the county seat, to be named "Buckner" would be no more than three miles from the geographic center.  Buckner township was soon laid off here in John McGarrah's settlement.  On the fourth of July, citizens met here and elected their first county officials.  They also raised a military company for the Mexican War.  On September 21, there was an auction of Buckner town lots; on November 25, the post office was opened with McGarrah as postmaster. Buckner was the first town to develop in Collin County and was the original county seat before McKinney.  Buckner Cemetery, the only remaining remnant of this early settlement, is located on the market grounds.

By 1848 it was noticed that Buckner town site was outside the legal limits of the county seat. The legislature ordered another election and named the new county seat "McKinney", honoring early settler Collin McKinney, a signer of the Texas Declaration of Independence.  Residents moved their homes and other buildings to McKinney (3 miles east), and Buckner town site reverted to agricultural land uses.

The Third Monday Trade Days market has been in existence for over 100 years. It began during the time when judges rode circuit to preside over court proceedings held once each month. In Collin County, the judge came on the third Monday of the month. As residents of the area gathered to participate in or observe court proceedings, they began to see the event as an opportunity to swap goods with each other. Thus began "trade days." Eventually, the market changed from the third Monday to the weekend preceding the third Monday. This market was originally held in downtown McKinney but was moved to it's current location, the original county seat, in 1966. Some of the vendors who began selling at this market in 1966 are still vendors here today. The streets in the market are named for these and other long-time vendors.