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There was a huge price hike for the Steam Deck OLED in May 2026, putting the 1TB model at $949. That's a staggering $300 increase from the price tag that consumers saw last time this in-demand handheld was in stock. Of course, the leap in cost can be explained by rising component prices; it's so bad that one YouTuber resorted to making RAM at home. What's truly shocking about the situation is that, despite the fact that the most expensive Steam Deck model costs nearly $1,000, it still sold out within 24 hours of going on sale for that price.

Valve announced the renewed availability of the Steam Deck OLED on May 27. The very next day, the product was listed as "out of stock" on storefronts in the United States and Canada. The portable PC continues to be available in Europe, Asia, and Australia, but there's no doubt that the Steam Deck still has enough appeal to fly off the shelves.

At the time of writing, it is unknown how many units Valve produced for this latest production run. It's possible that, despite selling out, there weren't that many Steam Deck units this time around to begin with. Even so, it's clear that people see a reason to keep buying it at almost any price. Users on Reddit have expressed that it may stem from faith in Valve, the appreciation for an ergonomic product, and seamless integration with an existing Steam library of games.

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The Nintendo Switch 2 has a lot in common with the Steam Deck: it's a portable gaming console, it has a passionate fanbase, and it recently underwent a price increase. However, the Nintendo Switch 2 price hike (also in May 2026) was a mere $50. This brought its price up to $499.99 from $449.99. For gamers looking for the handheld with the most value per dollar, it's hard to argue for the nearly $1,000 Steam Deck against the Switch 2. There are several ways in which the Switch 2 is a major upgrade over the original console.

However, PC gaming enthusiasts can make the argument that the Steam Deck provides access to a larger gaming library, video game mods, and other PC functionality as well. People who buy a Steam Deck instead of a Switch 2 are likely interested in owning a versatile device that can do more than just play video games — and they're willing to pay big money for it.

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Following the successful initial release of the Steam Deck in 2022, other manufacturers got in on the "portable PC" craze. Some of them even set out to be as gaming-focused as the Steam Deck itself. We reviewed the ROG Xbox Ally X when it launched in 2025 and found it to be an impressive portable device that comfortably packages the Xbox home console experience into a portable form. Like other ROG Ally devices, it also functions as a full-fledged Windows 11 computer.

And while the ROG Xbox Ally X 1TB model costs more than a Steam Deck at $999.99, as of this writing, it sports more modern specs compared to Valve's handheld that may be starting to show its age. This once again begs the question of why people are buying Steam Decks for almost $1,000. The answer lies in simplicity, intuitiveness, and a price tag that, while high, is still marginally lower than that of other portable PCs. The "out of stock" signs don't lie; people surely believe that the Steam Deck is still worth it in 2026.