|Time zone||UTC-6 (Central (CST))|
|• Summer (DST)||UTC-5 (CDT)|
|GNIS feature ID||1378845|
Settlement began in the 1870s when Georgia native H.H. Peaster bought 160 acres (0.65 km2) of land and built a house. The community that developed near the site of his home was originally called Freemont; in 1885 the name was changed to Peasterville. Throughout the 20th century, Peaster has served area farmers as a school and church community. During the mid-1920s the town's population grew to approximately 300, but this was soon followed by a steep decline after the Great Depression. From 1975 to 1990, Peaster had around 80 residents. Current estimates put the population at approximately 100. Peaster ISD will have a football team as of 2017.
The Peaster Independent School District serves the community and home to the Peaster High School Greyhounds. Peaster High School has many sports which include: Basketball, Baseball, Golf, Tennis, Track and Field, Softball, Volleyball, and Cross-Country. The school is also considering starting Soccer and Football.