Apple Continuing to Sell 21.5 and 27-inch Intel iMac Models Alongside New 24-Inch M1 iMac
Apple today announced the new M1 iMac with a complete design overhaul and a range of new color options, but the company is still continuing to offer several older iMac models that use Intel chips as alternate purchase options.

It should come as no surprise that the 27-inch iMac was not discontinued because it has not yet been replaced, with the 24-inch iMac instead replacing the lower-end 21.5-inch iMac options.
Apple is still selling all 27-inch iMac models at prices starting at $1,799. These iMacs are equipped with 10th-generation Intel processors and Radeon Pro GPUs. Apple is rumored to be working on an iMac that's larger than 27 inches, which we'll presumably see next year.
It is perhaps more surprising that the low-end 21.5-inch iMac is still available for $1,099. This machine uses older 7th-generation Intel chips and Intel Iris Plus Graphics. Apple will presumably keep it around as a low cost option as it is $200 less than the new 24-inch iMac.
The 24-inch iMac model is not much bigger in size than the 21.5-inch version, but it is pricier, starting at $1,299. It will be available for pre-order on April 30, and will ship out in May.
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