The Colony, Texas
Known locally as the "City by the Lake," The Colony sits directly on Lewisville Lake's eastern shore, wedged between Frisco, Plano, and Little Elm. It pairs genuine lake access and highly regarded Lewisville ISD schools with a real, practical advantage: direct tollway access that its lake-town neighbor Little Elm doesn't share.
Photo: Woobyusmanii · CC BY-SA 4.0 · Resized for web. Original available at source.
The Colony at a glance
- Typical median sale price
- Roughly $454,000 to $475,000, a slight year-over-year dip
- Price per square foot
- Approximately $227 to $235 per sq. ft.
- County
- Denton
- School district
- Lewisville ISD citywide (overall A rating), with Little Elm ISD serving The Tribute specifically
- Population (2026 est.)
- Approximately 45,000 to 46,000, up from 44,534 at the 2020 Census
- Median household income
- Approximately $85,000
- Commute to Downtown Dallas
- About 28 to 40 minutes via tollway, traffic-dependent
The Colony's housing market skews toward resale rather than new construction, with established, mature neighborhoods making up much of the city's stock alongside newer master-planned communities like Austin Ranch and The Tribute. Median household income here runs meaningfully lower than most other cities in this guide series, which shows up in generally more accessible pricing relative to Frisco or Plano. Contact me for current insights on pricing and pace in the specific area you're considering.
How The Colony is moving right now
- The Tribute (lakeside master-planned)
- Up to $764,000+
- Stewart Peninsula
- ~$506,939
- Austin Ranch
- Blend of single-family & multi-family
- Average monthly rent
- $1,726 to $1,847
- Year-over-year rent trend
- Down about 1.7% to 1.9%
- Market posture
- Balanced, buyer leverage
Sources: Redfin, HAR, Realtor.com, Zillow, Movoto. Refreshed quarterly.
Is this community right for you?
- Want genuine lake access without giving up direct tollway convenience, unlike some other lake-adjacent towns in the corridor
- Are looking for a more accessible price point while staying close to Frisco's job centers and amenities
- Value highly regarded Lewisville ISD schools, while understanding that The Colony's own high school sits in a different tier than the district's very top-rated campuses
- Prefer established, resale-heavy neighborhoods with mature landscaping over an active new-construction zone
- Want walkable proximity to a major retail and entertainment destination in Grandscape
- Want your children guaranteed the district's highest-rated high school campuses specifically, confirm which Lewisville ISD high school a given address feeds into
- Live in or are considering The Tribute, where school assignment shifts to Little Elm ISD instead of Lewisville ISD, worth confirming directly
- Want brand-new construction as the primary product type available
- Need the shortest possible commute to Downtown Dallas, The Colony's is reasonable but not the shortest in this guide series
What buyers are actually seeing
| Home type | Typical price range | Notes |
|---|---|---|
| Townhomes / condos | Contact for current range | Limited inventory relative to single-family. |
| Single-family, established | Contact for current range | Most common product type, largely resale. |
| Single-family, newer / master-planned | Contact for current range | Concentrated in Austin Ranch and The Tribute. |
| Lakefront / near-water | Contact for current range | Genuine premium over inland properties. |
Typical home prices are a general guide and vary by neighborhood and market conditions. Contact me for current insights.
Source: NTREIS. Refreshed quarterly.
Getting to work, the airport, and downtown
Unlike Little Elm, The Colony has direct access to both the Dallas North Tollway and Sam Rayburn Tollway, a genuine practical advantage for a lake-adjacent city.
Dallas North Tollway (DNT), Sam Rayburn Tollway (SH-121), and US-380.
These are general planning estimates, not a substitute for checking real-time traffic. Refreshed alongside quarterly content review.
The story behind the city
The Colony was incorporated in 1977, following residential development that began in the early 1970s under Dallas-based developer Fox and Jacobs. Today it's home to roughly 45,000 residents along 23 miles of Lewisville Lake shoreline, a geography reflected in the city's own nickname, the "City by the Lake."
The Colony's most significant recent economic development is Grandscape, a mixed-use development of more than 400 acres anchored by Nebraska Furniture Mart, the nation's largest home furnishings store. Grandscape was recognized as North Texas's "Best Mixed-Use Project" by D CEO's Commercial Real Estate Awards in 2018, and continues to draw retail, dining, and entertainment investment to the SH-121 corridor.
Toyota's North American headquarters sits within two miles of the city, though technically across the border in Plano, one reason The Colony's dual-tollway access carries real practical weight for commuters.
Sources: U.S. Census Bureau, Wikipedia (The Colony, Texas), City of The Colony official communications, The Colony Economic Development Corporation, D CEO Commercial Real Estate Awards.
Four places that define the city
Grandscape
A 400-plus-acre mixed-use retail, dining, and entertainment destination anchored by Nebraska Furniture Mart, the nation's largest home furnishings store.
Stewart Creek Park
The Colony's primary lakefront park, with swim beaches and boat launches on Lewisville Lake.
The Tribute
A master-planned peninsula community on Lewisville Lake, notable for its distinct Little Elm ISD school assignment within The Colony.
The Shoreline Trail
An 8-mile trail tracking directly along the lake's edge.
The range of homes you'll find here
The Colony's housing stock leans toward established, resale-heavy neighborhoods with mature landscaping, alongside newer master-planned pockets like Austin Ranch and The Tribute. Compared to Frisco, home prices here generally run meaningfully lower while still offering proximity to the same job centers and amenities.
Little Elm ISD assignment. Master-planned peninsula on Lewisville Lake.
Strong safety ratings, blend of single-family and upscale multi-family.
Established neighborhood in the Lewisville ISD footprint.
Neighborhood fit depends on your budget, commute, and priorities. For a curated shortlist matched to your budget, commute, and school priorities, book a Clarity Call.
A day and a weekend in The Colony
- Morning
Coffee and a fresh bagel at Bagel Bar & Coffee, then breakfast at Barneys Cafe.
- Afternoon
Time at Stewart Creek Park's swim beach, or a walk along the Shoreline Trail.
- Evening
Dinner at The Rackhouse for whiskey and sunset views over the lake, or TURBO - Coffee Kitchen Wine for something more casual.
- Weekend
Browse Grandscape, catch The Great Big Game Show, and grab dessert nearby. Each December, don't miss The Colony Christmas Spectacular, a free drive-by holiday light show at the Central Fire Station.
Where I actually send clients
Facts you can only say about here
- Home to Grandscape, a 400-plus-acre mixed-use development anchored by Nebraska Furniture Mart, the nation's largest home furnishings store, recognized as North Texas's Best Mixed-Use Project in 2018
- 23 miles of Lewisville Lake shoreline, earning the city's nickname, 'City by the Lake'
- One of the only cities in this guide series with genuine lake access and direct dual-tollway connectivity (DNT and SH-121)
- Designated a Music Friendly Texas Certified Community by the Texas Music Office in November 2024
- Hosts Salute American Heroes, described locally as the largest Veterans Day celebration in North Texas
- A single city split between two school districts, Lewisville ISD citywide and Little Elm ISD specifically in The Tribute
How The Colony sits next to its neighbors
Direct tollway access and generally lower prices vs. more shoreline overall but a longer, less direct commute.
Read the guide →A meaningfully more accessible price point in the same job corridor vs. more amenities and a stronger independent dining scene.
Read the guide →Smaller and more lake-oriented vs. larger, more corporate, with rail access.
Read the guide →Common questions before you commit
One of the first questions I ask clients considering The Colony isn't about square footage, it's about how they want their everyday life to feel. The right community isn't always the one with the newest homes or the biggest amenities. It's the one that supports the life you're building. That's the conversation I enjoy having.
Sometimes that conversation confirms The Colony. Other times it leads us somewhere entirely different. My goal isn't to steer you toward one city, it's to help you make a decision you'll still feel good about years from now.
If you could have genuine lake access, direct tollway convenience, and a more accessible price point than Frisco, but with established rather than new-construction housing and a school district that varies slightly depending on the exact neighborhood, would that tradeoff be worth it for the life you're building?
Not sure if The Colony is your best fit? One conversation can often save weeks of touring the wrong neighborhoods. Book a Housing Clarity Call and we'll compare The Colony with other North Dallas communities based on your commute, lifestyle, priorities, and long-term goals.
Housing Clarity City Guide
Pick a time that works for you.
A short, no pressure conversation to understand your goals and give you a clear next step, whether you are buying, selling, or simply exploring your options.
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