This happens every few years.
I built a computer last summer on a budget of about $700. It is far and away more capable than any of the consoles out now. And it's not even close.
PC technology is the lead here, and consoles nowadays are built on PC technology, essentially. Progress in the PC world is made every six months or so, so it was only ever a matter of time before PC gaming technology exceeded the consoles.
In the next year or two, the "new" next-gen consoles will come out and they will use a lot of technology that the now top-end PC's are carrying. They'll bundle it up in a cheaper package and mass-produce it and then for the next year or two after that, it will generally be said that console graphics are "better" or at least on par with PC games, and that will be basically true. Console gaming will enjoy a renewal and it will be kind of hard times to be a PC gamer, because friends will be chirping about how much better their new PS4's and Xbox 1080's are.
Then, the cycle will continue. Consoles will always only have one hardware configuration which has its own positives and negatives. On the one hand, software developers can push console hardware to the MAX because they know they are designing their games for exactly one type of configuration, whereas PC game developers have to deal with a wide range of possible configurations. Meanwhile, as the consoles age their developers will find ways of making the same games look better because they're finding out how to get more out of the hardware.
But, fancy programming and development can only do so much - As time goes on and the PC world keeps moving, the technology and eye-candy edge will fall back into the PC's court. Right around year two of the next gen consoles, it'll start to become obvious that the exact same games generally look better on a mid-range PC than they do on the consoles.