The historic district is centered on the intersection of Rope Ferry Road and North Road, two important early roads, providing access to New London to the east, the Niantic River ferry to the west, and the agricultural interior to the north.

Most of the buildings in the village are residential in use, with the 1848 Baptist Church the important exception.

[3] The village's origins lie in the founding of the Baptist congregation in 1710, when the area was still part of New London.

Sectional differences with Congregationalists in New London led to Waterford's eventual separation from that community.

The village's economy developed in the 19th century, with a mill on Jordan Pond, whose remains lie between Rope Ferry Road and Jordan Pond.