The Town Hall is retired as far as I know and I do not believe it will make a comeback with the exception of a sporadic and short lived in stock appearance. While LEGO can indeed change their core philosophy and reproduce retired sets, I haven't heard such a drastic change is coming. But a change is coming nonetheless.
Reproducing retired sets would reduce the value of LEGO sets on the secondary market and I don't believe LEGO wants to reduce the value of their product, either on the primary or secondary markets. LEGO is very smart and does pay attention to the values of their sets on the secondary markets regardless what many think. The two work hand in hand with one another. The perceived high values on the secondary market filters over to the primary market every day. Many LEGO fans or collectors will pay $400 for a set because they know it increases in value after retirement. If this sets dropped in value after use and time, how would buying patterns change? Quite a bit I would say.
LEGO has ALWAYS been an expensive product. When I was a kid 40 years ago, till now, it has been an expensive product. But like with anything that is of high caliber and finely produced, there is an increased price tag. You get what you pay for is very true with LEGO sets and people don't seem to mind paying for this higher cost, because they know they are buying a product made with the highest standards and the potential to increase in value after purchase.
Should you buy a Town Hall now at $300 if you don't have one? Probably. I bought a Cafe Corner at $575 and a Taj Mahal at $400 and that has turned out well. I'm not saying the Town Hall will reach those levels, but it will be a non hoarded, short production run Modular, so I say there is a good chance of this set hitting lofty numbers.