No. Evolutionary changes take much much longer than a few hundred years, at least in a species with generations that span as much time as human generations. The shorter the span of the generation the shorter amount of time in which evolutionary changes might be seen. The factor is no explicitly time, but the number of generations that have passed, and there is specific formula dictating that a change will appear after X generations.
That being said, humans have significantly larger penises than any other great ape. Most great apes have much smaller penises as well as much larger testicles. Anthropologists believe this is because of how mating occurs between different species. In a species in which a single male mates with many females penis size is of less value, but the ability produce more sperm is much more important as a male will mate with many different females in any given day impregnating as many females as possible. Humans are much more monogamous than any other great ape. Testicle size is less important in humans because there is less of an urgent need to impregnate a female immediately, there is more opportunity to make multiple attempts. Conversely, a larger penis is thought to be more valuable because in theory it will produce more orgasms, strengthening the bond between mates.
Desmond Morris explains this in much better detail, and much better than I could, in his book The Naked Ape. It might be a little dated by now, but its still a very interesting book that examines humanity the same way we would examine any other species and without the bias, or at least attempting to remove all bias, of being human.
I don't believe there will be any significant change in the size of human penises in the future, at least not until a much more dramatic change in human existence is realized, or a catastrophic event which greatly reduces the breeding population of humans and limits that group larger to those carrying traits of a specific size, as unlikely as that would be.
Humans have already been mating for hundreds of thousands of years. Unless there is a benefit to humans having larger or smaller penises there is no reason for this to change. Technically, we could breed humans to have specific traits, but why would we believe that that has not already occurred naturally and resulted in the range of penis sizes that are already most suitable.