Anchorage Homes under $500,000

Welcome to Anchorage, Alaska, a vibrant city that beautifully blends urban living with stunning natural landscapes. Nestled between the majestic Chugach Mountains and the sparkling waters of Cook Inlet, Anchorage is a gateway to adventure and a haven for outdoor enthusiasts. With its unique blend of cultural richness, outdoor activities, and a strong sense of community, Anchorage offers an unparalleled quality of life.

For those seeking a home in this picturesque city, there are fantastic options available under $500,000. Whether you're a first-time homebuyer, looking to downsize, or seeking an investment property, Anchorage has a variety of charming homes that fit your budget. From cozy single-family residences to modern townhouses, you can find a space that suits your lifestyle without breaking the bank.

Imagine waking up to breathtaking mountain views, enjoying a weekend hike in one of the many nearby parks, or experiencing the vibrant local arts scene. Anchorage is home to a diverse array of restaurants, shops, and cultural events, ensuring there's always something exciting to explore.

With a strong sense of community and a commitment to preserving the natural beauty that surrounds it, Anchorage offers more than just a place to live; it provides a lifestyle filled with adventure and connection. Don’t miss out on the opportunity to call this remarkable city home. Explore the available properties under $500,000 today and discover your perfect slice of Alaskan paradise!

Newest Anchorage Homes under $500,000

$395,000

4 Beds ⋅ 2 Baths ⋅ 26-13003 MLS

Welcome to this updated 4-bedroom, 2-bath single-family home (approx. 1,987 sq ft, built 1977) on a 7,000 sq ft lot in Anchorage's convenient Fairview neighborhood. Recent improvements include a newer kitchen, updated windows, a newer roof, and a newer boiler, offering efficient, reliable heating ideal for Alaska's climate. A deck provides outdoor living space, and alley access adds practical convenience for parking or rear entry. Located near downtown, parks, trails (including Chester Creek connections), the Fairview Community Recreation Center, and everyday amenities, this home offers easy urban access with room to live and entertain. Move-in ready with thoughtful updates that reduce maintenance and improve comfort.

1543 Karluk Street, Anchorage

Listing Office Real Broker Alaska

$233,000

2 Beds ⋅ 2 Baths ⋅ 26-12999 MLS

This Eastside condo is definitely worth a look! Large rooms. Brand new flooring throughout! Peaceful seating area in the living room with cozy fireplace. Living room windows have Southern exposure. Large garage with extra storage/laundry room. Close to shopping and the base. Affordably priced and ready for new owner. Schedule your showing today. The Association has an RV parking area . . Application to Property Management is needed prior to use of the RV parking area.

8101 Peck Avenue Unit #D29, Anchorage

Listing Office RE/MAX Dynamic Properties

6420 E Northern Lights Boulevard Unit 7B, Anchorage

$239,000

2 Beds ⋅ 2 Baths ⋅ 26-12996 MLS

This Spicewood unit offers comfortable, low-maintenance living in a fantastic location. Cozy living room with wood-burning fireplace open to kitchen and dining, creating an inviting space for everyday living and entertaining. Enjoy the private, fenced yard with mature landscaping. Upstairs has 2 bedrooms and full bath, plus awesome additional storage closet with bonus loft for storage. The HOA covers nearly everything except electricity, making for truly carefree living. A detached heated 1-car garage with additional storage provides plenty of room for vehicles and gear. Located near Baxter Bog, Cheney Lake, hospitals, shopping, restaurants, and JBER, this home offers both convenience and lifestyle in one exceptional package.

6420 E Northern Lights Boulevard Unit 7B, Anchorage

Listing Office RE/MAX Dynamic Properties

$307,000

2 Beds ⋅ 1 Baths ⋅ 26-12979 MLS

This 936-SF move-in ready Safehaven co-op on a quiet downtown avenue near the inlet offers a sunny living room, skylit kitchen, sizable den, & two bedrooms--or a bedroom/office. Bonus #1 is a 179-SF unfinished basement (plumbed for washer/dryer) that's ideal for storage, or finished as a TV room, gym, etc. And, bonus #2: the vintage/original hardwood appears to be intact, hidden under the carpet.

1501 W 11th Avenue Unit #13, Anchorage

Listing Office Jack White Real Estate

$300,000

3 Beds ⋅ 2 Baths ⋅ 26-12974 MLS

This home is excellent opportunity to update it for the next chapter of its life. Perfect for a rehab loan. The detached oversized double garage with workshop is perfect for the person who loves a place to go hang out. Lots of space for extra RV parking. Home was moved onto the property and raised in l967. Being sold ''as is'' thus priced way below MUNI assessment value. Bedroom windows in lower level do not meet legal egress size. Great large fenced yard. Lower level of the home has access to back yard from the family room. Easy commute to military bases, U med district or shopping areas. There is a woodstove in the living area to enjoy the warmth in the cooler winter months.

5225 E 26th Avenue, Anchorage

Listing Office Jack White Real Estate

$425,000

2 Beds ⋅ 2 Baths ⋅ 26-12969 MLS

Welcome home to this well-maintained 2-bedroom, 2-bath property situated on a desirable corner lot with a 2-car garage. The completely remodeled kitchen, updated in 2025, is sure to impress with solid-surface countertops, solid-wood cabinetry, and new appliances--creating a beautiful and functional space for cooking. The main bathroom has been refreshed with a new tub and surround, while the primary suite offers the convenience of a spacious walk-in shower. Outside, enjoy a landscaped front yard, two storage sheds for all your Alaskan gear and storage needs, and a raised planting bed in the backyard--perfect for gardening and enjoying the outdoors. A Large deck for outdoor entertaining. With thoughtful updates, great storage, a 2-car garage, and a corner-lot setting, this home offers comfort, convenience, and move-in-ready appeal. Come see all this property has to offer!

2920 Leawood Drive, Anchorage

Listing Office Berkshire Hathaway HomeServices Alaska Realty

$435,000

4 Beds ⋅ 2 Baths ⋅ 26-12955 MLS

Inviting split-level home in desirable Chester Heights, lovingly cared for by the same owner for the past 50 years! This 4-bedroom, 2-bath home offers two comfortable living spaces, with 2 bedrooms and a full bath on each level. The bright upstairs living room features a wood-burning fireplace, while downstairs offers a spacious family room and laundry area. Quality replacement windows include triple-pane upstairs and double-pane downstairs, plus (new) carpet upstairs and LVP flooring down. Outside, enjoy a 1-car garage, extra side parking with double-wide gate access, and a huge backyard surrounded by mature trees. Well cared for, warm and welcoming--a great place to call HOME!

2201 Lake George Drive, Anchorage

Listing Office Herrington and Company, LLC

6943 Gold Kings Avenue Avenue Unit #C, Anchorage

$255,000

3 Beds ⋅ 2 Baths ⋅ 26-12954 MLS

Perfect home with great amenities! Clean townhome featuring 3 bedrooms, 1.5 baths, with a 2 car garage! Stackable W/D included! Heating system inspection invoice in documents. Affordable dues. This property is ready to go! Close to bases, shopping and public transportation.

6943 Gold Kings Avenue Avenue Unit #C, Anchorage

Listing Office Real Estate Brokers of Alaska

$225,000

2 Beds ⋅ 1 Baths ⋅ 26-12943 MLS

Recreational home that sits on 1.77 acres w/ well and septic. Originally a mobile home that has been permanently connect to the ground, extra insulation added and rooms added to the structure. Multiple storage containers on site included.

15639 Carl Street, Anchorage

Listing Office RE/MAX Dynamic Properties - Eagle River Branch

$335,000

2 Beds ⋅ 1 Baths ⋅ 26-12947 MLS

Charming South Anchorage bungalow with investment potential! Whether you're searching for your first home, looking to downsize, or expanding your investment portfolio, this inviting 2-bedroom, 1-bath home offers flexibility and opportunity. Currently operating as an established short-term rental with excellent guest reviews, the property offers investors the option to purchase the existing furnishings separately for a convenient, move-in-ready setup. Inside, enjoy a comfortable living space with an electric fireplace, stainless steel kitchen appliances, and an in-home washer and dryer. Step outside to a spacious deck overlooking a large, fenced backyard, offering plenty of room to relax, entertain, or enjoy Alaska's summer evenings. Located in an established and quiet South Anchorage neighborhood with convenient access to Taku Lake, walking and biking trails, shopping, dining, and the airport. Whether you're looking for a cozy place to call home or a property with income-producing potential, this versatile home is worth a look!

651 W 88th Avenue, Anchorage

Listing Office EXP Realty, LLC

7222 Foxridge Circle Unit #14-H, Anchorage

$230,000

2 Beds ⋅ 2 Baths ⋅ 26-12946 MLS

Step inside to discover a spacious living area filled with natural light, and a cozy fireplace perfect for those chilly Alaskan evenings. The kitchen features granite counter-tops, stainless steel appliances, ample cabinet space, and a convenient layout. Enjoy a generously sized bedroom, a walk-through closet with plenty of storage, and a beautifully updated bathroom featuring custom tile work and modern shower fixtures. Step outside onto your private covered balcony and take in the peaceful, tree-lined surroundings that provide a relaxing retreat right at home.

7222 Foxridge Circle Unit #14-H, Anchorage

Listing Office Jack White Real Estate Mat Su

$329,000

3 Beds ⋅ 1 Baths ⋅ 26-12944 MLS

Single family home conveniently located near the airport and midtown! This 3 bed/1 bath home has beautiful REAL hardwood floors, new roof 2021, newer vinyl siding 2017 and high efficiency furnace, air exchanger, and on-demand water heater 2016. Arctic entry provides space for coats and shoes during our Alaska winters. Unfinished basement houses heating system. $101.00 Power & $125 Enstar. laundry. Spacious yard in front and back! Home has lots of eficiency upgrades providing YOU 3*+ energy rating. Updates include 2016 New Paint 2016 New Efficient Furnace 2016 New Efficient On Demand Water Heater 2016 New Air Exchanger 2017 New Vinyl Siding 2016-2017 New Insulation In Walls, Attic, And Basement 2018 New Rain Gutters 2021 New Roof 2021-Current New Paint Inside New Interior Door Some New Anderson Windows New Oven

3405 Lois Drive, Anchorage

Listing Office EXP Realty, LLC

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The listing content relating to real estate for sale on this web site comes in part from the IDX Program of Alaska Multiple Listing Service, Inc. (AK MLS). Real estate listings held by brokerage firms other than Elite Real Estate Group are marked with either the listing brokerage’s logo or the AK MLS logo and information about them includes the name of the listing brokerage. All information is deemed reliable but is not guaranteed and should be independently verified for accuracy. Listing last updated: