Microsoft has confirmed Xbox console prices are going up on August 1, and the increases are steep. Walmart and Target are currently selling the Xbox Series X for $573.99 — $76 below today's MSRP of $649.99, and $226 less than the incoming $799.99 price tag that kicks in next month.
Every Xbox model is getting hit. The Series S 512GB jumps from $399.99 to $499.99, the Series S 1TB goes from $449.99 to $599.99, the Series X Digital from $599.99 to $749.99, and the standard Series X 1TB from $649.99 to $799.99. Microsoft points to a component crisis as the cause — the company says console storage and memory costs have already risen by more than 2.5x, with prices expected to double again by fall 2027. For context, a PS5 currently runs $649.99, the PS5 Digital is $599.99, and the PS5 Pro sits at $899.99.
This isn't just an Xbox problem. Sony raised PS5 prices earlier this year citing "continued pressures in the global economic landscape," Nintendo has confirmed a $50 Switch 2 price increase in September, and Valve's upcoming Steam Machine is launching at $1,049 after component supply issues killed its original target price. On top of all that, one major retailer — quoted by The Game Business — has warned that hardware shortages could mean not enough consoles to meet demand during the holiday season, especially with GTA 6 arriving: "We've been informed that because of the on-going issues around hardware component availability, we won't be getting the units we want ahead of GTA. Demand will likely outstrip supply during the year end period."
If you're buying before August 1, the $573.99 Xbox Series X at Walmart or Target is the cheapest new current-gen option right now. Best Buy is also running a deal where bundling a GTA 6 preorder with an eligible PS5 or Xbox gets you a free $50 reward certificate, available to both new and existing My Best Buy members.
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