Yes. You each get a $250K gain exclusion, filing jointly or separately.
Reference JK Lasser's Your Income Tax 2015 , section 29.3, pg 527. https://books.google.com/books?id=wSeRCgAAQBAJ&pg=PA531&lpg=PA531&dq=when+a+husband+and+wife+own+and... (scroll down)
