That's right. You only have to own it for 2 years. You have owned it for 2 years, so you meet the ownership requirement.
You also have to have lived in it as your primary home for at least two years within the 5 years preceding the sale. That gives you the $250,000 exclusion. If your spouse has also lived in the house as his or her primary home for at least 2 years, then you qualify for the $500,000 exclusion on a joint tax return.
Note that the exclusion applies to the gain (profit), not the total selling price. The gain is basically the selling price minus what you paid for the house. In other words, it's the increase in value since you bought it. If you only bought the house a little over 2 years ago, the value probably has not increased by more than $500,000, unless it's a very large house or you are in a very hot real estate market.
