It will probably go up in price further, but nobody knows where the top is. When the bubble bursts, everyone will want out at the same time. In order to sell, you need a buyer on the other side of the transaction. When everyone wants out, there will be no buyers, and the price will tank.

As for the housing market, unfortunately, it's that way in a lot of places. And the bubbles don't stop with housing. The stock market is in bubble territory, there's a massive bond bubble, a huge auto bubble. Scary times ahead.