It's more or less the same as "in reality no" it's an answer to denote that an affirmation is not exactly like that. I hope it helps.
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AnonymousWhat does the phrase "Not really" mean?Almost true. Almost correct. (But not exactly true.) You respond "Not really" when presented with information that you feel has elements of truth in it, but it's not the complete truth.
AnonymousIt usually means "not exactly" or "not precisely."If you have a specific context you are wondering about please post it.My step son lived with his aunt for approximately 1yr, about 1 yr later they separated and are getting a divorce. When my wife asked the sister (aunt) if her son contributed to their separation, she responded with "not really ".