The main features of the Flag Festival are a large flea market and the entertainment. The flea market covers almost the entire block and includes a white elephant sale. Many Fairmount residents are out selling various odds and ends that may be of great value.
The entertainment includes an art show, children's games and a pie eating contest. Several people from the area also sing, dance, and recite poetry.

There is also a bake sale and a Grand Raffle. The prizes for the raffle include free dinners at local restaurants.