 The community suspended its incorporation in 2006.As of 2015, the U.S. Census Bureau recognized an area along Highway 51 extending from Harver Hills Road in the southeast to Gourdneck Valley Road in the northwest as the Magnet Cove Census Designated Place.The CDP occupies the topographic Magnet Cove, a broad valley along Stone Quarry Creek surrounded by hills, and includes the Magnet Cove High School and Elementary School, as well as Magnet Cove United Methodist Church.