In the last 15 years the median price has gone from 200k to 800k, but the riverfront properties have doubled that gain, from 500k to 4 million. I'm surrounded by real estate multi-millionaires. When I point out that BRK has gone from 100k to 800k in the same time, they correctly point out that their investment also gave them a place to live
While this is true, one still has to account for the 15 years of property taxes, they were $7500 (1.5%) at first, but rose to $60,000 (1.5%) by the end of their ownership (this is in fact most likely the reason they are selling ... because the annual expenses of owning that property have become too high). And they have been paying HO insurance for 15 years, it was inexpensive at first, but now with rising insurance rates and being riverfront, it's nearly $15k a year. And they put a new roof on in 2021 that cost $45,000. And the two new A/C units in 2022 were $14,000. The two hot water heaters in 2020 were $3k. The kitchen remodel in 2014 was $80k, and the master bath renovation in 2018 was $30k, and the small bathroom upstairs in 2019 was $20k, and the powder room just last year was $12k. The lawn guy charges $100/mo, so another $1200 a year, the pest control guy charges $40/mo. Gutter cleaning 2x year is $400, pressure cleaning all the surfaces is another $450 a year. And all sorts of other maintenance items. The price of the property went from $500k to $4M, but they didn't really live there "for free".

and RE is the easiest of all investments to apply a bit of debt related leverage.
This is true, especially in the USA with subsidized mortgages with extremely easy terms.

I hope they recognize they were lucky, and that RE is not often that lucrative.
Yep, luck plays a big role, like they say in real estate ... location, location, location.