The community is anchored by a centrally located, seventeen-acre private park, which houses the community's various amenities. It contains a pond, an extensive network of paved paths and wooded trails, a swimming pool, tennis/racket sports courts, a playground, a basketball hoop, picnic tables, meadows, and a level, grassy playing field. All of these are private Fallsmead amenities and are for the use and enjoyment of Fallsmead residents only. The Fallsmead swim team, the Fallsmead Sharks, is a member of the Montgomery County Swim League and provides a wonderful social and recreational opportunity for the children.
 
Every homeowner is automatically a member of the Fallsmead Homes Corporation and is a part-owner of the park and the rest of the neighborhood amenities. An active homeowners association (the Fallsmead Homes Corporation Board of Directors) provides financial, organizational, social, and civic direction to the community. The Board of Directors holds two community-wide meetings each year to foster communication, obtain ideas from the community, and listen to community concerns.

Fallsmead is served by three excellent Montgomery County public schools - Fallsmead Elementary, Frost Middle School, and Wootton High School - all within easy walking distance.