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> illiquid assets

Such as a house that has popped up above $1 million in recent years, which includes many tens of thousands in the Bay Area alone.

Correct, though many with those homes aren't yet millionaires by the net worth definition.

Does this include 401ks?

Generally yes. But it sounds like the survey just asked them, and typically people overestimate what counts as an investable asset. Many times people will include their house even though technically this is not an investable asset.

Is a home considered an illiquid asset? Every homeowner in CA could count as a "millionaire"

Real estate is illiquid. At best it takes months to convert it to cash.

Sometimes it can be done faster but that requires a deep discount to attract professional flippers.

Only if they've paid off that home ("net worth")