What is the context? The only Google hit I get for this phrase is about as literal as possible, given that unicorns do not actually exist. It is accompanied by a picture of a pony made to look like a unicorn (by strapping a pretend horn to its head) which has been led inside someone's house as a novelty for a child's party.
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Anonymous What does there's a unicorn in the house mean?It means the same thing as "There's a rabbit in the house" except it's a unicorn instead of a rabbit.