A blown head gasket may be the cause of overheating. It could of course be
other things too,
like a nonfunctioning thermostat, fans, etc.

If you start the car cold with the radiator cap off, does it belch or bubble
as it runs? This is
an indication of leak from the combustion chambers into the water jacket.

Were the fans operating when you did your assessment of the temperature?

I tried to check the value at www.kbb.com but dont really know what a 96 OBW
is.
I suspected it might be Outback Wagon, but didnt find them earlier than
2000.

At any rate, with that mileage and with an engine problem, you aren't
looking at much value.
Likely less than $500, at a wild guess.