Short answer
Yes, in reward. The Prophet ﷺ said that whoever purifies himself at home, then comes to Masjid Quba and prays there, has a reward like an umrah. He used to visit Quba every Saturday. It does not replace an actual umrah, which has its own rites.
Visiting Masjid Quba and praying two rakats there is mustahabb for anyone in Madinah, ideally after making wudu at home and especially on a Saturday. It brings the reward of an umrah but does not count as performing umrah.
The four schools agree on this.
Explanation
Masjid Quba was the first mosque built in Islam, on the Prophet's ﷺ arrival at Madinah. The Quran praises a mosque "founded on righteousness from the first day", and many scholars apply this to Quba. Ibn Umar said the Prophet used to come to Quba every Saturday, walking or riding, and pray two rakats there. Sahl ibn Hunayf reported his saying about the reward of an umrah.
- Wudu first: the hadith mentions purifying yourself at home, so make wudu at your hotel before going.
- Pray: two rakats or more, not at a disliked time.
- Saturday: following the Prophet's habit is a sunnah, but any day carries the reward.
- Not an umrah: you still need ihram, tawaf, sa'i and shaving for a real umrah (see what umrah is).
- The four schools agree that visiting Quba and praying there is recommended.
Other sites in Madinah, such as Uhud and al-Baqi, are visited for remembrance and greeting the dead, not for a set reward. See is ziyarat part of umrah and visiting the Prophet's grave.
The evidence
Quran, Surah At-Tawba 9:108
لَا تَقُمْ فِيهِ أَبَدًۭا ۚ لَّمَسْجِدٌ أُسِّسَ عَلَى ٱلتَّقْوَىٰ مِنْ أَوَّلِ يَوْمٍ أَحَقُّ أَن تَقُومَ فِيهِ ۚ فِيهِ رِجَالٌۭ يُحِبُّونَ أَن يَتَطَهَّرُوا۟ ۚ وَٱللَّهُ يُحِبُّ ٱلْمُطَّهِّرِينَ ﴿١٠٨﴾
Do not stand [for prayer] within it - ever. A mosque founded on righteousness from the first day is more worthy for you to stand in. Within it are men who love to purify themselves; and Allah loves those who purify themselves.
The Quran praises the first mosque founded on taqwa.
Sunan Ibn Majah 1412
Grading to be checked... من تطهر في بيته ثم أتى مسجد قباء فصلى فيه صلاة كان له كأجر عمرة ...
"Whoever purifies himself at home, then comes to Masjid Quba and prays a prayer there, has a reward like that of an umrah."
The reward of praying at Quba.
Sahih al-Bukhari 1193
Sahih... يأتي مسجد قباء كل سبت ...
"He used to come to Masjid Quba every Saturday."
Visiting Quba was the Prophet's regular practice.
Where the ruling is recorded
- Radd al-Muhtar (Ibn Abidin), Kitab al-Hajj, matlab fi ziyarat qabr al-nabi. Visiting Quba and the other sites of Madinah is recommended.
Checked by our team. For a more accurate answer to your own situation, consult a scholar. Quran translation by Sahih International. Hadith Arabic from the standard editions of the six books and the Muwatta, with gradings as recorded there; the English is our own rendering. Spotted a mistake? Tell us.