Waverly is an unincorporated community and census-designated place (CDP) in Codington County, South Dakota, United States.

[4] The community derives its name from the Waverley Novels.

[5] Waverly is located in eastern Codington County 15 miles (24 km) northeast of Watertown, the county seat.

It is 4 miles (6 km) east of Exit 185 on Interstate 29.

According to the United States Census Bureau, the Waverly CDP has a total area of 1.0 square mile (2.6 km2), all land.