Magilton said: "I'm a realist and always honest and it's going to take a huge effort to make the play-offs.
"I felt we had to win this match but we've got to stay positive and keep believing.
"It's not impossible but it's going to be difficult, because we're not winning games.
"It's going to be a real test of character and I'll learn more about my players now than if we were winning every week."
Of his side's home record, Magilton added: "We can't keep dropping points and it's driving me nuts.
"The players are desperately, desperately trying to do well and for large parts of the game we were comfortable, although it took us going a goal behind to really get going.
"The second half was a little bit better. We huffed and puffed and needed to show our hunger and desire, but we were very disappointed not to win.
"Blackpool came here and had a go, which they deserve credit for. They were well balanced and their front two caused problems, as we expected."
Town had more than enough chances to grab a winner.
They had the better of the second half and their best chance was a close-range Pablo Counago header that was scooped off the line by David Fox.
Jon Stead also went close twice, including a brilliant overhead effort, while Gareth McAuley had a towering header from a corner saved by goalkeeper Matt Gilks.
Town had fallen behind when Alex Baptiste lashed an angled effort beyond goalkeeper Richard Wright, but they responded well and were soon on level terms when Tommy Miller fired home from the edge of the D after great work by Counago.
Blackpool caretaker boss Tony Parkes said: "We're very pleased with the point. We defended really well, showed our togetherness and deserved it.
"In the first half we broke a few times and would have liked to score more than just once.
"Ipswich are a good, experienced team and they're always there or thereabouts in the top six, seven or eight places.
"To get a point here was a good achievement and now we're one point further away from the bottom three, which is the name of the game for us.
"To stay in this division would be a success for Blackpool Football Club.
"We're the poor relations but this was a pleasing team performance.
"There were a few scares here and there, with balls bouncing in the box, so we were pleased to only concede one - especially as we'd let three in last week.
"We don't score too many so it's important we don't concede too many and this was a good, tight, battling performance."