The Colony spent years as the quiet city between Frisco and the lake. Then Nebraska Furniture Mart opened its roughly 560,000 square foot Texas store here in 2015, and Grandscape (a 400-plus acre shopping, dining and entertainment development) grew up around it. The city still prices below Frisco, and for the right buyer that gap is the opportunity.
For neighborhoods, schools and current developments, start at the The Colony city guide.
The Colony by the Numbers
- Population: 46,196 (Census estimate, July 1, 2025)
- Typical home value: about $399,000 (Zillow Home Value Index, December 2025), down 5.2% year over year
- Median sale price: about $409,500 (Zillow, November 2025)
- Median days to pending: 48 (Zillow, December 2025)
- Median household income: $114,511 (Census ACS, 2020 to 2024)
Compare that typical value with about $651,700 in Frisco for the same month (Zillow, December 2025). That is a gap of roughly $250,000 between neighboring cities, which is why I always show relocating buyers The Colony alongside Frisco.
The Lake Is the Headline
About 23 miles of Lewisville Lake shoreline, including two peninsulas, sit inside city limits, which is where the nickname "City by the Lake" comes from. The Tribute is the city's best-known lakeside community. If water access or a lake view is on your list, The Colony is one of the few places near Frisco where it is part of the everyday map.
Location Math
- Grandscape and Nebraska Furniture Mart inside the city
- Close to the Sam Rayburn Tollway (SH 121) and the Dallas North Tollway corridor
- A short drive to Legacy West in Plano and the job centers around it
Drive your real commute at the real hour before you decide. That one drive tells you more than any map.
Schools: Check the District
The Colony is served by Lewisville ISD and Little Elm ISD. The Tribute, for example, is zoned to Little Elm ISD campuses. Frisco ISD also serves small portions of The Colony. Verify the district and campus for the exact address before you offer.
Eyes Open
The Colony was incorporated in 1977, so much of the housing away from the lake is established resale rather than new construction. Inspect accordingly: roof, foundation, HVAC and plumbing. Good listings in a price band can be thin at any given moment, so have your financing approved and your search alerts set before the right home shows up.
The Rate Lever Most Buyers Skip
Freddie Mac's 30-year fixed average was 7.40% for the week of October 15, 2026. At that rate, the principal and interest on a $500,000 loan is about $3,462 a month. A 2-1 buydown drops the rate 2 points in year one and 1 point in year two, so the same loan runs about $2,808 in year one (roughly $654 less) and $3,128 in year two (roughly $334 less). Funding that costs about $11,900 up front.
That is my math, not a promise, and your lender will run your exact numbers. The lesson is simple: in The Colony, ask the seller to put a concession toward a buydown in writing, in the contract, before you sign. Nobody in the sales office is going to volunteer it.
Straight Answers
The Colony or Little Elm? Both sit on Lewisville Lake. The Colony puts you next to Grandscape and closer to the SH 121 and Legacy corridor; Little Elm has more newer master-planned inventory. Your commute direction usually settles it.
What about HOA costs? They vary a lot by community, and amenity-heavy lakeside communities usually run higher. I put the full monthly picture (HOA, taxes and insurance) in front of you before you offer, not after.
Talk The Colony With Me
Incentives, concessions and phase releases change week to week. Tell me your budget, your commute and the school you need, and I'll show you where the room to negotiate is right now in The Colony. Start your search or find out what your home is worth. Prefer email? albert@texava.com
Albert Angarita, REALTOR, Texava Real Estate | Amazing Brokerage, License #0773351