Home prices down, houses moving faster in much of the Basin

MOSES LAKE — Home prices dropped in January in Moses Lake, Ephrata and Othello compared to January 2025, according to the real estate website Redfin, but showed a substantial increase in Quincy. 

The median price in Moses Lake, according to Redfin’s data, was $313,150, a 10.3% decrease from a year ago. The decrease in Ephrata was 6%, to $315,000, and in Othello the drop was 13.5% to $328,000. Quincy’s median home price jumped 41.5% from January 2025 to January 2026, to $374,950. 

The numbers were a little different when calculated by the square foot, however. In Moses Lake, the median price was $230 per square foot, an increase of 4.3%. Othello’s median per-square-foot price was also up, by 13.7% to $266. Ephrata’s price dropped by 12.9% to $206 per square foot, and Quincy dropped 20.1% to $215 per square foot. 

The market moved faster in Basin communities as well, according to Redfin’s data. Homes in Moses Lake averaged 31 days on the market compared to 85 days a year ago. Ephrata homes sold in 24 days compared to 77 a year ago, and in Othello homes took 161 days to sell on average, compared to 174 last year. Again, Quincy was the outlier, with a median market time of 30 days, compared to 18 days last year. 

Twenty percent of Moses Lake home sales were above list price, according to Redfin’s data, and 21.5% of homes had the price dropped to sell. In Ephrata, 40% of homes sold above list, and 25% had price a price decrease. The same data was not available for Quincy or Othello. 

The average 30-year fixed-rate mortgage interest rate dropped to 5.98% on Feb. 28, its lowest point since 2022, according to Freddie Mac. On Tuesday, the rate was 6%. At the same time last year, the rate was 6.63, according to Freddie Mac’s data.

    This home was listed at $375,000 Wednesday, above the median price of $313,150 for a home in Moses Lake.