The earliest settlers built cabins in Waverly around 1800. The Philadelphia and Great Bend Turnpike (now Main Street) was chartered in 1819 by the Pennsylvania Legislature along the Warriors' Path. Started in 1820, this turnpike was completed in 1824. During this time, the first three houses which were not cabins were built. In 1828, the Wayside Inn was built, and the first doctor, Andrew Bedford, set up practice and built a house which stands today on Main Street. The first general store was built in 1830, followed by a second inn and tavern in 1832. A building boom ensued during the years 1847 through 1890, during which time Waverly was a profitable small-scale industrial center. 1850 through 1880 was the heyday of Waverly's industrial era. Farmers and dairymen shipped their goods to New York City; iron foundries flourished, and numerous retail establishments, including greengrocers, bakers, a drugstore, dime store, hardware store, lumberyard, and harness shops, thrived. In 1880, the railroad was laid to the west of Waverly, and the prosperity of the town faded.