Originally called Abington Center, it was founded in the late 18th century by settlers from Connecticut, along the Warriors' Path.

Pennsylvania Route 632 passes through Waverly, as Carbondale Road to the east of the center of town and as Clinton Street to the west.

The Philadelphia and Great Bend Turnpike (now Main Street) was chartered in 1819 by the Pennsylvania Legislature along the Warriors' Path.

Escaped slaves and freedmen found a sympathetic population in Waverly, and some settled in small houses built by a local farmer and sold to them.

After it ceased being used as a school, it became a private residence for many years; the Waverly Historic Society is currently planning for its renovation and use as their headquarters.

The Belin family bought the front two blocks and began design and construction of the Waverly Community House.

The brick Dutch colonial structure currently houses the Waverly Post Office, a gymnasium with basketball court, a public playground, a preschool program and numerous recreational and educational offerings for families with young children.

The Comm also plays host to an annual home and garden show, antique fair, and concerts on the lawn.

Wealthy summer visitors from Scranton migrated to Waverly on a permanent basis, and the town's reputation as a white-collar bedroom community was cemented.