The Waverly Inn, first known as The Tower, was constructed in 1892. Percy Lyford Lang commissioned the firm of Pierce & Bickford to design the home. Lang, at the time, was president of the Water Company of Factoryville and later became the Vice President of the Waverly National Bank. The home was built on property received by him and his wife, Alice, as a wedding gift from her father, Nathan S. Johnson. Alice resided there until passing on in 1903. Percy remained in the home until 1925.

"I will sell on Thursday, October 31, 1929, at 2 p.m., one of the most complete and up-to-date homes in the state of New York, located at 202 Chemung Street, Waverly, New York. Chemung Street is better known as the Susquehanna Trail. Home consists of 16 rooms, master living room and library, mahogany interior finish, with Frigidaire and oilnfatic heat. Lawn all beautifully, shrubbed and terraced with European shrubbery." - Binghamton and Rochester papers Oct 26 1929

The home was acquired by Frank and Ada Jenkins who operated it as a guest home appropriately called The Jenkins Inn. In 1946 it was sold to Mark and Evelyn Palmer, who continued to operate the guest house, renaming it The Palmer House. The present owner purchased the property at 202 Chemung Street in November of 2010 and renamed it to Waverly Inn in February of 2012.