Panic is growing in America's housing market as almost the entire country tips decisively into buyer's market territory  leaving just seven pockets where sellers still hold the upper hand. 

A buyer's market happens when homes for sale outnumber buyers, who are then in a strong position to negotiate lower prices, demand concessions, and take their time choosing the right property.

The opposite is true in a seller's market, where limited homes and intense competition push prices above asking and leave buyers with little room to negotiate. 

Nationwide, there are 37 percent more sellers than buyers — placing the country as a whole firmly in buyer's market territory. It is the widest gap in a decade, and a sign that price cuts are likely to spread. 

On a local level, the imbalance is even starker. Just seven metro areas remain seller's markets: six located in the Northeast and Midwest and one on the West Coast.

Nassau County, NY, is the strongest seller's market, with buyers outnumbering sellers by around 40 percent — meaning there are about 140 active buyers for every 100 homes listed for sale. 

Montgomery County, PA; Newark, NJ; and New Brunswick, NJ have also managed to cling to seller-friendly conditions. 

San Francisco, CA; Milwaukee, WI; and Cleveland, OH are the final metros where demand still clearly exceeds supply. 

These areas have a few things in common: they all have stable and diversified job markets and a very tight housing supply, so demand stays strong even as national markets cool. 

Most are more affordable areas near big cities, so buyers who can't afford the core move there instead. Because they weren't heavily driven by investors, inventory stays low and sellers keep the advantage. 

Milwaukee realtor Ben Ambroch told the Daily Mail that, even though the city favors sellers according to housing data: 'I'd call it more of a balanced market than a sellers market.'

Ambroch said that pricing is key — sellers usually won't sell unless they get the amount they need for a comfortable monthly payment.

With rates expected to remain stable in the new year, Ambroch anticipates that Milwaukee's market will stay fairly balanced.

'Overall, we still have affordable homes, low risk from climate events, and are attractive to buyers relocating from other markets, keeping us slightly favorable to sellers compared to national trends.'