Killinchy sits on a hill overlooking Strangford Lough. The nearby settlement of Balloo is often treated as part of Killinchy. In Balloo, the main shop is McCanns (formerly called Killinchy General Stores). It includes a coffee shop, 'Muffler's', and a hardware store and post office.
Opposite McCanns is a petrol station including a Mace convenience store. Balloo also has a branch of the Northern Bank and a butcher's shop. Killinchy has a community hall and a new children's playground.
A firework display is held annually. The main pub in the district is Balloo House. 'Daft Eddy's' is a well-known pub and restaurant and though often described as being in Killinchy is actually in nearby Whiterock.