A phrase originated from Tim and Eric Awesome Show Great Job! which has since been turned into a popular meme.
The phrase can either be expressed literally, in reference to real estate that is "free" (like when a spider inhabits the corner of a room), or figuratively, as to ironically express a "good deal" which is actually an obvious scam.
Person 1: Who left this dirty old refrigerator box in my front yard!!?
Person 2:(waves Person 1 in closer) *Whispers* it's free real estate.
A phrase used as a farewell, when the experience shared has been of unique, experimental, or strange phenomenon. Also, a manner of stating that surreal time frame has been shared between two or more peeps.
johnny; "I am outtie to AZ. Peace, it's been real."
See "It's all good". Usually used repetitively in conjuction with synonym, followed by the phrase, "Keepin't real, y'all." or, in the case of macking up an attractive young lady, "baby girl".
This farewell is a truncated version of the expression "It's been real, it's been fun. Just hasn't been real fun!" It is not necessarily a slight to the person you are leaving, but more of the situation or experience that you have just shared.
While being dropped off after a car ride with a friend during which you helped him change a flat tire and ran out of gas - you turn to him and say"It's been real!"