The labels are shortcuts for bargaining conditions. A market can favor sellers overall while a particular neighborhood, price range, or property type gives buyers more leverage.
Inventory is one useful measuring stick
Months of inventory estimates how long the current supply could last at the recent sales pace. Lower inventory generally supports sellers; higher inventory generally gives buyers more choice and negotiating room.
Price reductions tell part of the story
More reductions, longer market times, and a larger gap between list and sale price may indicate that sellers have less pricing power. But the data should be compared within a relevant local segment.
A balanced market is not perfectly calm
Even when overall supply and demand are closer to balance, a polished home can sell quickly while an overpriced or difficult property sits. Property-level strategy still matters.
Ask the narrower question
Instead of asking whether Southeast Wisconsin is a buyer’s or seller’s market, ask what the market looks like for this kind of home, in this location, at this price, right now.