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The Gongneung-dong Dokkaebi Market originated from street vendors who gathered near Hwarangdae Station when the Gyeongchun Railway opened on July 25, 1939. Named for its fleeting nature, like a goblin's visit, the vendors would quickly disappear at the sign of a crackdown and reassemble snugly along the tracks to rebuild the market once things were clear. This traditional goblin market is the precursor to today's Gongneung-dong Goblin Market. Since then, the market has operated as a quintessential neighborhood market in Nowon-gu, as if a goblin's magic wand has made every possible item available. It offers a variety of products including livestock, groceries, restaurants, miscellaneous goods, and agricultural products. The market draws a steady stream of visitors due to its high-quality goods sold at affordable prices. Since 2019, it has been growing into an eastern landmark cultural tourism market, concurrent with the development of the Gyeongchun Line (Railroad) Forest.