The Old City Market has been a location for trade for 700 years. During the Middle Ages, anything which was of interest took place here.

The square, which was laid out during the 12th century, was the main market place, location of trade fairs, fairground, execution place, venue for rider's games, parades and processions. A city hall, as a symbol of city self-administration, was documented in the Old City in 1253. This was before the Old City Hall which exists today was built.

The Old City Market, along with the Old City Hall (Altstadtrathaus), Church of St. Martin (Martinikirche) (12th-14th centuries), the Old Customs House (Altes Zollhaus) from 1643 and the Cloth Merchant's House (Gewandhaus) with a Renaissance gable from 1590/91 are all treasures from the past. The Fountain of the Virgin Mary (Marienbrunnen), which was cast in lead in 1408, is the natural centre of the market.