Will the housing market ever come down?

[Jeff]

I am 17 and do not know much about real estate but I live in central jersey, my parents bought the house we live in for 310k in 1998, and 10yrs later it is now worth 750k. WTH? I'm not gonna lie, I live in a really nice town not with mansions and stuff but there are really nice houses and I am lucky to be living where I am now. But some of these houses, a BIT, not a lot, A bit bigger than the one im in are going for 800-1M and all these were built in the 90's for crying out loud. A friend of mine lives in a really big development, with over 100 homes and i am not gonna lie again, its very nice, but DEFINATELY not worth 1m, no matter how you look at it. I mean, heres what I do not understand, these home were going for a few hundred grand back in the 90's and now not even 20 years later we are all at 750k+. I mean, will it ever stop?? And its not just NJ its all around the country, people just cannot afford it! so I guess what im trying to say is: Will these prices ever drop??Ever...?
I don't need to get laid, why are you stalking me?